Property Management Deals
The Altman Management Company (AMC), a division of The Altman Companies, is pleased to announce it will now manage Caoba Miami Worldcenter luxury apartments, located within a 27-acre, mixed-use development spanning ten blocks in Downtown Miami. Completed in 2019, Caoba rises 43 stories and includes 444 luxury apartment homes. Caoba, the Spanish word for mahogany, possesses an appropriate balance of fresh indulgence and leisure, providing a living experience that embraces the rich and vibrant textures that surround Miami.
Allied Orion Group has been chosen to manage Virtuo Med Center, a 326-unit apartment home community in Houston, Texas. Opening this month, Virtuo Med Center will provide luxury living convenient to the Texas Medical Center.
DALLAS (October 29, 2021) – Electra Capital, a boutique lender specializing in flexible, short-term multifamily financing solutions, has closed on a $7.8 million participating preferred equity investment in The Pearl at Midtown, a 213-unit multifamily community located in the Northeast Dallas submarket. New York-based Avid Realty Partners acquired the community.
HOUSTON (November 1, 2021) – Electra Capital, a boutique lender specializing in flexible, short-term multifamily financing solutions, has closed on a $5.25 million preferred equity investment in The Aubrey, a 436-unit multifamily community located in the Westchase submarket of Houston, Tex. TruePoint Capital, based in Katy, acquired the property.
LOS ANGELES (November 1, 2021) – Berkadia today announced that it has secured a joint venture partner for the nation’s leading builder of luxury homes Toll Brothers, Inc. (NYSE: TOL), through its Toll Brothers Apartment Living® rental subsidiary, to develop “Rafferty,” a new 218-unit multifamily rental community located in a Qualified Opportunity Zone (QOZ) in Santa Ana, Calif. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital identified the joint venture partner – EJF Capital LLC of Arlington, Va. – and helped structure the deal.
ATLANTA (October 13, 2021) -- Berkadia announces it has secured debt for the refinance of The Carter @ 4250, a 300-unit apartment community located in Norcross, Georgia, on behalf of Miami-based One Real Estate Investment (OREI). In addition, Berkadia also sourced a capital group to recapitalize the sponsor’s equity partner.
The Carter @ 4250, located outside of Atlanta, was refinanced with $33.12 in debt and $16.55 million in equity
Expanding its hometown presence, San Diego-based Sunrise Management, which has specialized in managing multifamily properties since 1978, has taken over day-to-day management of 23 San Diego County multifamily communities totaling 632 units. The apartment portfolio is owned by Positive Investments, Inc. of Arcadia, Calif.
