David Martin’s Terra acquires the 1.83-acre site at 1177 Kane Concourse from Northwood Investors

Berkadia announces it has arranged the sale of a 1.83-acre development site in Miami’s Bay Harbor Islands. Located just west of Bal Harbour Shops, the 1177 Kane Concourse site includes 300 feet of frontage on Kane Concourse and is permitted for a mixed-use residential, retail and office development.

Senior Managing Directors Jaret Turkell and Roberto Pesant, Managing Director Scott Wadler, Associate Omar Morales and Senior Analyst Jose Mota of Berkadia Miami marketed the property on behalf of Northwood Investors. David Martin’s Terra is acquiring the development site. 

“This was a unique opportunity to acquire a fully approved mixed-use development site in a market that is currently underserved for both office and multifamily,” said Turkell. “As Miami continues to attract corporate relocations and residents leaving high-tax states, submarkets like Bay Harbor Islands stand to benefit and attract new business and residential interest.” 

“Our plans for 1177 Kane Concourse include a landmark mixed-use development encompassing a boutique high-end residential component, Class A office and retail space, and a signature food and beverage experience at street level,” said David Martin, CEO of Terra. “The development will meet growing demand for luxury living and boutique commercial space as more residents and companies gravitate to South Florida, while invigorating Bay Harbor’s iconic Kane Concourse. Terra has a long track-record of enhancing communities across South Florida, and we’re excited about doing the same for the village of Bay Harbor Islands.”

Bay Harbor Islands is an affluent community roughly two miles north of Miami Beach, just above Indian Creek Island. It is easily accessible to I-95 via N.E. 123^rd Street. No Class A office space has been added to this submarket since 2016. 

Berkadia announces it has arranged the sale of Brandywine Apartments, a 477-unit garden-style apartment community in St. Petersburg, Fla. Managing Director Jason Stanton of Berkadia’s Tampa office, and Senior Managing Director Cole Whitaker of Berkadia’s Orlando office, arranged the sale. A real estate fund managed by Covenant Capital Group, LLC, a value-add investment manager with an exclusive focus on the acquisition and renovation of apartment communities, acquired the property from GMC Properties for $55.33 million.

“St. Petersburg’s strong emphasis on workforce development and attracting new talent to its diverse array of industries has made it a popular market for multifamily investing in Florida,” said Stanton. “With demand expected to elevate along with effective rents, the market’s fundamentals will continue making Tampa Bay an area with consistent opportunities in the value-add space.”

Built in 1972, Brandywine Apartments is located at 1699 68^th Street N. Studios, one-, two- and three-bedroom units include vinyl flooring, walk-in closets, kitchen islands and washer/dryer. Community amenities include a business center, fitness center, swimming pool, courtyard and clubhouse.

Situated near several transit corridors and employers, the community is only 20 minutes away from Downtown St. Petersburg. Tyrone Boulevard is less than five minutes and Interstate 275 is approximately 15 minutes away, offering direct access throughout the greater Tampa Bay area.

Berkadia announces it has arranged the sale of Chartwell Court, a 243-unit garden style community in north Houston. Senior Managing Director Ryan Epstein, Senior Director Jennifer Ray and Associate Director Scott Bray of Berkadia’s Houston office listed the property on behalf of National Asset Services, a real estate investment firm based in Los Angeles. The buyer is REEP Equity, a real estate investment firm based in San Antonio.

“The property’s significant value-add upside and the lack of new construction in the area illustrated a proven asset with fundamentals to maintain high occupancy,” said Epstein. “With no conventional properties in lease-up, under construction or proposed within proximity of the community, Chartwell Court reflects Houston’s advantageous multifamily market.”

Built in 1995, Chartwell Court is located at 15100 Ella Boulevard. One- and two-bedroom units averaging more than 1,000 square feet include walk-in closets, faux-wood flooring, full-size washer/dryer and private patio/balcony with storage. The pet friendly community features a swimming pool, clubhouse, professional business center, fitness center and social areas with grills.

Situated in north Houston, Chartwell Court is found near multiple transit routes and employers. Interstate 45 is five minutes away, offering direct access to Sam Houston Tollway and Downtown Houston, and Hardy Toll Road is under 10 minutes away. Nearby employers include the 971-acre Pinto Business Park with tenants including Amazon, HD Supply, Sysco and Coca-Cola, along with the upcoming Hewlett Packard Enterprise corporate campus at Springwood Village.

Villas at City Center and Pinetree Apartments traded for a combined $31 million

Tampa, Fla. (August 10, 2020) – Berkadia announces it has arranged the sale and financing of two vintage, garden-style apartment communities located in Tampa and Temple Terrace on behalf of the seller, Kimball Key LLC. The 128-unit Villas at City Center, located in Temple Terrace, sold for $15.39 million. Pinetree Apartments, located in Tampa, which has 110 units, traded for $15.55 million. Managing Director Jason Stanton of Berkadia’s Tampa office and Cole Whitaker of Berkadia’s Orlando office marketed the property on behalf of the seller.

Berkadia Senior Director Justin Ownby of Berkadia’s Tampa office, and Managing Director Henry Tanner of Berkadia’s Raleigh, N.C. office, secured financing through Freddie Mac for the buyer, American Residential Investment Management.

“These two communities acquired in an off-market transaction demonstrate the strength of value-add properties in the current climate,” said Stanton. “Despite the impacts of COVID-19, multifamily fundamentals in Tampa are solid in part due to the diversification of the economy. These are two well maintained, attractive properties in great locations with current below-market rents and proven value-add components.”

“The borrower was able to take advantage of the low interest rate environment and financed the two assets with full leverage 15-year loans from Freddie Mac at a 3.08% all-in rate with multiple years of interest only,” said Ownby.

Built in 1970, Villas at City Center is located at 5518 Terrace Court and consists of nine residential, two-story buildings on a 6.6-acre site. The property offers a mix of one- and two-bedroom units ranging from 950 to 1,200 square feet. Community amenities include a pool, playground, laundry facility and courtyard. It is located in the Northeast section of Tampa, approximately five minutes from Busch Gardens Tampa Bay and Florida College.

Built in 1985, Pinetree Apartments is located at 3706 West Idlewind Avenue and consists of 11 two-story, wood-frame buildings on a 25-acre site. The property offers a mix of one- and two-bedroom units ranging from 500 to 1,000 square feet. Apartments feature new appliances, in-unit washer/dryer, patio or balcony, and hardwood floors. Community amenities include a swimming pool, dog park and fitness center. The property is located in the northwest section of Tampa, conveniently close to the intersection of West Hillsborough Avenue and North Dale Mabry Highway, and less than 15 minutes from the Tampa International Airport.

Laredo, Tex. (July 21, 2020) – Berkadia announces it has arranged the sale and financing of Lago del Mar Apartments, a 260-unit garden-style apartment community located in Laredo, Texas. Senior Managing Director Ryan Epstein of Berkadia’s Houston office, along with Managing Director Mike Miller, Senior Director Will Caruth and Director Cody Courtney of Berkadia’s San Antonio office, represented the seller, a Chicago-based real estate investment management firm. 

Senior Managing Director Cutt Ableson of Berkadia’s Houston office procured financing for the buyer, Haley Real Estate Group, through Fannie Mae.

“Lago del Mar is a vintage apartment complex in an excellent location that was primed for a value-add execution,” said Epstein. “Located in the economic epicenter of the Rio Grande Valley, the city of Laredo continues to benefit from economic drivers including steady growth in shale oil and gas production, infrastructure construction, and growth in logistics and warehousing, all of which brings more business to town each year.”

Added Miller, “In addition, the property benefited from limited competition, with no comparable multifamily properties currently in lease-up, under construction or proposed within five miles.”

Built in 2000/2003 and located at 7550 Country Club Drive, Lago del Mar Apartments offers a range of one-, two- , and three-bedroom floor plans averaging 776 square feet. Units feature walk-in closets, nine-foot ceilings, patios or balconies, and a full-sized washer/dryer. Community amenities include a resort-style swimming pool, clubhouse, fitness center, dog park, playground and controlled-access gate. The property is ideally located within seven miles of downtown Laredo, two miles of Texas A&M University, and just four miles from Laredo International Airport.

Raleigh, N.C. (June 26, 2020) - Berkadia announces it has secured two loans totaling $11,765,000 million for the acquisition of two value-add self-storage assets located in Raleigh and Durham, North Carolina. Managing Directors Michael Weinberg and Rebecca Van Reken from Berkadia’s Orlando office, along with Managing Director Saul Hoppenstein of Berkadia’s Boca Raton office, secured the financing on behalf of Liberty Investment Properties, a privately held real estate investment, development, and management firm based in Orlando, Florida.

A life company provided both five-year, fixed-rate loans, at a 65 percent loan to cost. These assets will go into Liberty’s new $20 million opportunistic storage equity fund, which pursues value-add self-storage facilities throughout the southeastern United States. Liberty plans to rebrand both assets under their My Neighborhood Storage Center platform. With over 30 years of institutional investment and operations in the storage industry, Liberty is poised for the opportunity to expand its portfolio holdings. 

“The sponsor has a proven track record in the self-storage facility space and will be able to improve both properties’ performance through a mix of traditional and hands-on guerilla marketing,” said Weinberg.

“We are thankful for the longstanding relationship with Berkadia to successfully execute attractive financing for these transactions during the challenging times facing our economy,” said Adam Mikkelson, President of Liberty Investment Properties.

Built in 2016, the Raleigh Self Storage facility is located at 6401 Town Center Drive in Raleigh, and is a two-story, 72,614-square-foot climate-controlled building with 685 units. The property is strategically located along the interchange of US-1 and Interstate 540, making the facility easily accessible to a population of approximately 81,000 within a 3-mile radius. 

Built in 2017, the Durham Self Storage property is located at 112 West Seminary Avenue in Durham. It is a 58,729-square-foot, four-story climate-controlled property with 645 units.