Berkadia announces it has sourced an equity partner for Capstone Communities to develop The Cottages at Greystone, its first build-for-rent (BFR) community in the Greater Birmingham area. A low-density multifamily development, The Cottages will sit on approximately 30 acres within the well-established Greystone community, just minutes off Highway 280.

Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt of Berkadia JV Equity & Structured Capital sourced the equity partner, a fund manager based in Texas. Berkadia has recently helped Capstone secure equity partners for similar cottage-style developments throughout the Sunbelt, including communities in Port St. Lucie, Florida; Myrtle Beach, South Carolina; and Warner Robins, Georgia.

“We are excited to once again work with the exceptional team at Capstone to help them source a like-minded equity partner for their cottage-style, build-for-rent product located in their home market of Birmingham,” said Kirkpatrick. “Because of the cultural similarities and alignment of economic interest between Capstone and their partner, The Cottages at Greystone is the first of many BFR developments the programmatic partnership plans to develop throughout the Southeast over the next few years.”

“Birmingham is not only our hometown but the centerpiece of a thriving region and state that embraces the spirit of innovation, progress and growth,” said Jim Beatty, vice president – development for Capstone Communities. “We are proud to bring our build-for-rent cottage concept, which has proved tremendously successful in other markets, closer to home and provide a premium housing option for Birmingham residents looking to rent instead of buy.”

For more than two decades, Capstone built its reputation as a national leader in the student housing industry. In 2017, Capstone expanded its portfolio beyond student housing into the multifamily sector at the forefront of the rapidly growing build-for-rent (BFR) movement. With the introduction of its cottage-style development program, Capstone has quickly become a BFR leader with seven communities currently under development across the Southeast.

Construction on The Cottages will commence May 2022, with its first units scheduled to be delivered by summer 2023 and full completion in winter 2023. Incorporating a “new urbanism” style, the 189-unit development includes sidewalks, pocket parks and open green spaces that create a true sense of place for its residents.

The Cottages is located in-between Saint Vincent’s One Nineteen Hospital and Church of the Highlands, while having convenient retail destinations, accessible recreational activities and several business parks along the Highway 280 corridor, giving residents easy access to what they need – whether it’s commuting to work, grocery shopping, gathering with friends or exercising.

Designed by Birmingham-based Nequette Architecture & Design, The Cottages will offer a mix of lofts, one and two-story cottages, as well as two-story townhomes including private outdoor yards.

Each unit will include nine-to-12-foot ceilings, wood-grain flooring, in-unit washers and dryers, 24/7 on-call maintenance and optional enclosed garage parking. Neighborhood amenities include lush courtyards with pavilions, a central clubhouse with a resort-style pool, fitness and business centers, pet washing stations and valet trash.

Berkadia announces it has arranged the sale and financing of The Dawson, a 354-unit multifamily community in the Energy Corridor, West Houston’s Central Business District. Senior Managing Directors Chris Curry and Todd Marix, Managing Directors Jeffrey Skipworth, Chris Young and Joey Rippel, alongside Director Kyle Whitney of Berkadia Houston represented the seller, RPM Living, a multifamily property management, investment and development company based in Austin, Texas.

Managing Director Clay Akiwenzie of Berkadia Incline Village secured acquisition financing on behalf of the buyer, Bridge Partners, a private real estate investment firm based in Walnut Creek, California. Freddie Mac provided the 7-year, adjustable-rate loan.

“Bridge moved decisively and expertly in the midst of extreme volatility in the capital markets,” said Akiwenzie. “We were proud to play our part in helping to expand their footprint in the Energy Corridor.”

“The Dawson’s strategic location in the heart of the Energy Corridor creates a consistent cash flow and long-term value appreciation,” said Curry. “Demand for apartments in the metro area continues to exceed expectations.”

Built in 2014 and located at 13411 Briar Forest Drive, The Dawson offers one- and two-bedroom apartments ranging from 649 square feet to 1,552 square feet. Individual units feature wood-style flooring, granite countertops, stainless steel Whirlpool appliances, Bluetooth surround sound, walk-in closets, updated bathrooms, linen and coat closets and private patios or balconies. Community amenities include a modern clubhouse, business center, a 2-story fitness center, yoga and spin room, pool, sun deck with lounge chairs, an outdoor kitchen with gas grills, an outdoor fire pit, enclosed dog park, private parking and electric car charging stations.

Located in Houston’s Energy Corridor, The Dawson is in walking distance to the third largest employment center in the metro, highly ranked Bush Elementary School and popular Ray Miller Park.

Berkadia announces it has arranged the acquisition financing for The Reserve at Brandon, a 982-unit apartment community located in Brandon, Florida, outside of Tampa. Managing Directors Brad Williamson, Matt Robbins and Scott Wadler, Senior Managing Director Mitch Sinberg and Vice President Alan Dillman of Berkadia Miami secured a loan on behalf of ZMR Capital, a real estate investment firm based in Tampa. The property was 94 percent occupied at the time of sale.

MF1 provided a five-year, floating-rate loan bridge loan.

ZMR currently owns over $1.5 billion in assets and 7,000 units across the U.S. In addition to this, ZMR has five more deals under contract in Orlando, Tampa, and Fort Myers. It is targeting $2 billion in acquisitions in 2022.

“The Tampa market has enjoyed record-breaking growth and excellent multifamily fundamentals in the wake of the COVID-19 pandemic,” said Williamson. “Based on ZMR Capital’s strong track record and equity partnership, we were able to secure attractive financing terms with lender MF1.”

“We are incredibly excited to increase our footprint in the Tampa MSA,” added Zamir Kazi, CEO of ZMR Capital. “It’s a backyard deal for us and we can’t wait to see the transformation at this property, and the Berkadia team was a pleasure to work with as always.”

Built between 1991 and 2002, The Reserve at Brandon is located at 1918 Plantation Key Circle and offers one-, two- and three-bedroom units ranging from 705 square feet to 1,200 square feet. Individual units feature stainless steel appliances, faux granite countertops, designer tiled kitchens, two-tone interiors, a breakfast bar, designer faucets and ceiling fans, wood-style vinyl flooring in the living room, dining room and kitchen, walk-in closets and patios or balconies. Community amenities include a clubhouse, state-of-the-art fitness center, three sparkling pools with cabanas, a playground, tropical landscaping, a business center with high-speed internet, a coffee bar, tennis court, on-site management and 24-hour emergency management.

Situated in Brandon, the Reserve at Brandon is close to the I-75, Brandon Boulevard, the Providence Square Shopping Center, Brandon Crossroads, the McKay Bay Nature Park and it is 30 minutes away from Tampa International Airport.

Berkadia announces it has arranged the acquisition financing for The Reserve at Brandon, a 982-unit apartment community located in Brandon, Florida, outside of Tampa. Managing Directors Brad Williamson, Matt Robbins and Scott Wadler, Senior Managing Director Mitch Sinberg and Vice President Alan Dillman of Berkadia Miami secured a loan on behalf of ZMR Capital, a real estate investment firm based in Tampa. The property was 94 percent occupied at the time of sale.

MF1 provided a five-year, floating-rate loan bridge loan.

ZMR currently owns over $1.5 billion in assets and 7,000 units across the U.S. In addition to this, ZMR has five more deals under contract in Orlando, Tampa, and Fort Myers. It is targeting $2 billion in acquisitions in 2022.

“The Tampa market has enjoyed record-breaking growth and excellent multifamily fundamentals in the wake of the COVID-19 pandemic,” said Williamson. “Based on ZMR Capital’s strong track record and equity partnership, we were able to secure attractive financing terms with lender MF1.”

“We are incredibly excited to increase our footprint in the Tampa MSA,” added Zamir Kazi, CEO of ZMR Capital. “It’s a backyard deal for us and we can’t wait to see the transformation at this property, and the Berkadia team was a pleasure to work with as always.”

Built between 1991 and 2002, The Reserve at Brandon is located at 1918 Plantation Key Circle and offers one-, two- and three-bedroom units ranging from 705 square feet to 1,200 square feet. Individual units feature stainless steel appliances, faux granite countertops, designer tiled kitchens, two-tone interiors, a breakfast bar, designer faucets and ceiling fans, wood-style vinyl flooring in the living room, dining room and kitchen, walk-in closets and patios or balconies. Community amenities include a clubhouse, state-of-the-art fitness center, three sparkling pools with cabanas, a playground, tropical landscaping, a business center with high-speed internet, a coffee bar, tennis court, on-site management and 24-hour emergency management.

Situated in Brandon, the Reserve at Brandon is close to the I-75, Brandon Boulevard, the Providence Square Shopping Center, Brandon Crossroads, the McKay Bay Nature Park and it is 30 minutes away from Tampa International Airport.

Berkadia announces it has arranged the sale and financing of Jupiter Isle Apartments, a 359-unit value-add, garden-style apartment community located in the northern Palm Beach County city of Jupiter, Fla. Senior Managing Directors Jaret Turkell and Roberto Pesant, along with Associate Director Omar Morales and Senior Analyst Jose Mota of Berkadia Miami, marketed the property on behalf of Northland. S2 Capital, a national value-add multifamily investor with more than $9 billion in transaction volume, acquired the property for an undisclosed amount.

Managing Director Nathan Stone, and Associate Directors Brad Mason and Guy Griffith, along with Analyst Heather Culver of Berkadia Dallas, secured financing on behalf of S2 Capital.

 

“Jupiter Isle is a well-kept apartment community ideally located in an affluent community east of I-95, less than a 30-minute drive from the booming West Palm Beach/Delray Beach markets,” said Turkell. “The new owner has the opportunity to elevate the property’s finishes to compete with newer product, in a climate in which multifamily fundamentals have never been stronger.”

"We are excited to invest in Jupiter Isle and believe the property represents a compelling investment for both the community and our investors," said Davey Leach, VP of Acquisitions at S2 Capital. "The county as a whole is enjoying growth, but with constrained supply and very limited new construction, the Jupiter submarket in particular offers tremendous opportunity to transform an older community into a market-leading option for its growing number of residents."

 

Located on 30 acres at 6705 Mallard Cove Road, Jupiter Isle Apartments is a Class B, two-story apartment complex built in 1984. It features one-and two-bedroom units, multiple swimming pools, and other outdoor amenities. Over the next two years, S2 expects to complete a $5 million plus renovation to enhance common areas and remodel unit interiors. Improvements will include exterior painting and balcony repair; renovation of the leasing center, fitness center, and gym; and interior unit upgrades including stainless steel appliances, hardware and countertop upgrades, and the installation of new floors and ceramic tile showers. The refurbishment will position the property for future buyers as a premium asset in a supply constrained market with exceptional demographics.

 

The property lies in the Jupiter/Palm Beach Gardens submarket of Palm Beach County, approximately 16 miles north of Palm Beach. It boasts convenient access to nearby jobs, retail establishments and entertainment, and is located 10 minutes from Jupiter’s beaches and 25 minutes from Palm Beach International Airport.

Berkadia announces it has arranged the sale of Lirio at Rafina, a brand-new, 280-unit, Class AA luxury garden apartment community in Orlando, Fla. Managing Directors Brett Moss and Matt Wilcox, Associate Director Tyler Swidler and Senior Managing Director Cole Whitaker of Berkadia Orlando marketed the property on behalf of Catalyst Development Partners and Six Pines Realty. Preferred Apartment Communities acquired the property.

“Davenport’s equidistant location between greater Orlando and Tampa uniquely positions the submarket to draft off growth patterns of two of the nation’s top five highest-growth MSAs,” said Moss. “Nearly 200,000 residents moved to the I-4 Corridor since 2020, and Davenport is situated at the epicenter of it all.”

Built in 2021, Lirio at Rafina is located at 1008 Laguna Loop and offers one-, two- and three-bedroom apartments averaging from 758 square feet to 1,248 square feet. Individual apartments feature electronic doors, wood-inspired flooring, designer pendant lighting, fully equipped kitchens with stainless steel energy-efficient appliances, refrigerators with a water and ice maker, table-sized kitchen islands with a breakfast bar, luxury granite countertops and unique tile backsplash, plentiful storage, carpeted bedrooms,  walk-in closets and showers, full-size washer and dryers, wireless-enabled thermostats and private balconies or patios in select units. Community amenities include a resort-style pool with private cabanas, a summer kitchen with gas grilling stations, a 24-hour fitness center, a clubroom with coworking spaces and a media and business center, a dog grooming spa, a complimentary beverage café, package concierge and valet waste service.

Situated in the epicenter of Central Florida’s high growth I-4 Corridor, Lirio at Rafina is bound by two prominent master-planned communities: Reunion and Championsgate. It is close to Downtown Orlando, Walmart, Amazon and Ford Motor distribution centers. Lirio at Rafina is also within 30 minutes of nearly 2,000 hospital beds, 25 minutes from the Orlando International Airport and 10 minutes from Walt Disney World.

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