Berkadia announces it has arranged the sale and acquisition loan of Amber Lakes, a 278-unit garden style community in the Winter Park suburb of Orlando, Florida. Senior Managing Director Cole Whitaker and Director Mary Beale of Berkadia’s Orlando office represented the seller, West Springfield, Massachusetts-based Aspen Square Management. Managing Director Jason Rice of Berkadia’s Dallas office secured the loan on behalf of New York-based Ashcroft Capital.

“The Orlando metro area has significantly outpaced the nation in job creation, seeing a 3.6 percent increase over the past 12 months compared to a 1.5 percent average over the same period nationwide,” said Whitaker. “The continued rate of job growth coupled with elevated in-migration could keep upward pressure on rents, despite a strong influx of units expected to come online next year.”

Built in 1974, Amber Lakes is located at 4755 North Goldenrod Road. Studios, one-, two- and three-bedroom units include hardwood floors, walk-in closets, dishwasher, and washer/dryer. Community amenities include two resort-style pools, lounging sundeck with cabanas, white sand lakeside beach with hammocks, access to dock and Lake Nan, complimentary kayak and paddle board rentals, fitness center, tennis court, playground, bark park, and covered parking.

Situated northeast of Orlando, Amber Lakes is found near major transit routes and employers. Central Florida Greenway is about five minutes away, offering direct access to downtown Orlando and Orlando Executive Airport. Amber Lakes is situated in Winter Park with top-rated schools. Full Sail University, located 1.8 miles southwest, offers degrees in entertainment, media, and arts, but does not have dorms or on-campus housing.

Berkadia announces it has arranged the sale of 72 West, a 291-unit, Class B multifamily community located in Tamarac, Florida. Managing Directors Roberto Pesant and Jaret Turkell of Berkadia’s Miami office, and Director Yoav Yuhjtman of Berkadia’s Boca Raton office, arranged the sale on behalf a New York-based investment group. A Canadian investment group acquired the property for $47 million.

“The seller bought this property as a fractured condo (222 out of 291 units) in 2016 for $22 million, and has since fully executed its strategy to buy back the privately owned units, collapse the HOA, and stabilize and rebrand the property as 72 West,” said Yuhjtman.  “With occupancy at 95.5 percent in this submarket and no new deliveries in the immediate area this year, the new owner has an opportunity to capture some upside from growing demand for high-quality apartment rentals in western Broward County.”

Located at 8650 NW 61st Street in Tamarac, 72 West was built in 1987 and consists of one- and two-bedroom apartments ranging from 756 to 899 square feet. The asset is comprised of nine buildings; six are three-story, garden-style elevator served buildings and three are single-story villas with semi-private entrances and patios. Amenities include two clubhouses with pools.

72 West is ideally located within five minutes of the Sawgrass Expressway and 10 minutes from Florida’s Turnpike, and feeds into the highly rated Coral Springs public school system. The property is close to Sawgrass Mills Mall and the BB&T Center, and just a 30-minute drive to the Boca Raton and Plantation employment markets.

HOUSTON – Berkadia announces it has arranged the sale of The Everly, a 387-unit Class A multifamily community in Houston. Senior Managing Director Ryan Epstein, Director Jennifer Ray and Associate Director Scott Bray of Berkadia’s Houston office represented seller Embrey Partners, Ltd., a San Antonio-based diversified real estate, investment, development, construction and property management firm specializing in multifamily and commercial real estate. The buyer was Praedium Group, a privately held real estate investment firm based in New York.

“Houston’s Class A infill communities have become increasingly uncommon yet highly desired assets that offer long-term stability and value appreciation for several reasons,” said Epstein. “In addition to a suite of modern amenities, the presence of a newly built asset in a core location between Uptown/Galleria and the Westchase District provides compelling opportunities to leverage surrounding employers and amenities, securing its viability and demand especially when taking into account the lack of new supply within three miles.”

Completed in 2018, The Everly is located at 2827 Dunvale Road. One- and two-bedroom units include stainless steel appliances, walk-in closets, custom wood cabinetry, granite and quartz countertops and framed mirrors. Community amenities include a fitness center, Wi-Fi lounge, swimming pool with lounges, an outdoor fire pit, dog park and dog wash, a beer garden and an indoor golf simulator.

Situated between the Energy Corridor and Galleria areas of Houston, The Everly is ideally found between the second- and third-largest business districts in Houston, respectively. Major employers nearby include the headquarters of BP America, ConocoPhillips, Marathon Oil and Spectra Energy Group, with approximately 47 million square feet of combined office in proximity to the asset.

HOUSTON – Berkadia announces it has arranged the sale and financing of Lakes of 610, a 276-unit multifamily community in Houston. Director Jennifer Ray and Senior Managing Director Ryan Epstein of Berkadia’s Houston office represented the seller, Starwood Capital Group, in the transaction. Managing Director Andy Hill of Berkadia’s Austin office secured a $19.7 million loan on behalf of Western Wealth Capital.

Berkadia arranged and Freddie Mac purchased the loan.

“Lakes of 610 offered a rare value-add opportunity in Houston due to all of its units maintaining their original finishes, as well as the property’s infill location,” said Ray. “After a potential rehab package, the asset may yield greater rents for the owner in an area surrounded by newer communities while improving the quality and standard of the property throughout.”

Built in 1983, Lakes of 610 is located at 2701 West Belfort Avenue. One- and two-bedroom units include mirrored closet doors, private balconies and patios, breakfast bar, dishwasher and extra storage. Community amenities include a swimming pool and spa, gated access and 24-hour maintenance. 

Situated adjacent to the Texas Medical Center, Lakes of 610 is ideally found near the largest medical center in the world and new developments such as TMC3 that will bring over 25,000 jobs. Galleria/Uptown, one of the largest business districts in the US, is approximately 10 minutes away, and Downtown Houston is about 15 minutes away.

Berkadia announces it has arranged the sale and financing of Vantage at Panama City Beach, a new 288-unit garden-style community located in Panama City Beach, Florida. Senior Director David Etchison of Berkadia’s Birmingham, Alabama office and Senior Managing Director Cole Whitaker of the Orlando, Florida office together represented the seller, Texas-based Vantage Communities. Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins of Berkadia’s Boca Raton, Florida office secured $42.6 million in acquisition financing on behalf of the buyer, Cardone Capital. The sale price was not disclosed.

Berkadia originated and Freddie Mac purchased a 10-year, fixed-rate loan with five years interest only.

“Positioned in a highly desirable location just three miles from the white sand beaches of the Emerald Coast, this property provides the new owner with an asset that offers much-needed housing to the surrounding area,” said Etchison. “This acquisition illustrates the pursuit by major capital sources to invest in markets along the Florida Panhandle that offer strong apartment fundamentals and job growth.”

 “The borrower timed this acquisition well, allowing Freddie Mac to commit the loan with aggressive terms and hold its spread despite some of the volatility in the markets,” Sinberg comments. “The lender recognized the strength of the borrower’s business plan in a beachside, tourist market that has significant potential for growth.”

Grant Cardone, founder and CEO of Cardone Capital, the founder of the 10X movement based out of Aventura, Florida, purchased the property and renamed it 10X Living at Panama City Beach.

“I am delighted to be able to offer our investors the opportunity to own a piece of property as spectacular as 10X Living at Panama City Beach,” says Cardone. “I believe this is the future of living, an apartment community that appeals to both millennials and baby boomers, along with everyone in between.”

Cardone has been buying real estate across the USA for over thirty years and his firm’s entire portfolio now consists of 6,537 multifamily units with $1.36 billion AUM. Cardone Capital recently made history by raising $50 million in crowdfunding for real estate using social media, the largest Regulation A crowdfunding ever accomplished.

Built in 2018 and located at 7150 Highway 98, the property consists of one, two and three-bedroom units in three-story buildings located on a 20-acre lot. Units feature faux-wood plank flooring, Energy Star appliances, walk-in closets, digital thermostats, a full-size washer/dryer, a balcony or patio, and a private fenced-in yard in some units.

The gated community, located just three miles from the beach, includes resort-style amenities with a clubhouse, business center, internet café, covered pool lounge, outdoor grills and picnic areas, large and small breed dog parks, dog wash facilities, a 24-hour state-of-the-art fitness center and 24-hour Luxer One Package concierge. 

SAN ANTONIO – Berkadia announces it has arranged the sale of Axio Apartments, a 360-unit garden style apartment community in San Antonio. Managing Director Mike Miller, Senior Director Will Caruth, Director Chris Ross and Director Cody Courtney of Berkadia’s San Antonio office represented the seller, Presidium Group, a real estate investment firm based in Texas. 

“Axio Apartments exemplifies the upside potential that exists throughout San Antonio’s multifamily inventory,” said Caruth. “With almost 20,000 new residents moving to San Antonio over the past year due in part to its affordability, the demand they bring has elevated rent growth above the national average, making it a compelling market for investors.”

Built in 1982 and renovated in 2016, Axio Apartments is located at 8722 Cinnamon Creek Drive. One-, two- and three-bedroom units feature dishwasher, disposal, range and walk-in closets. Community amenities include fitness center, pool, basketball court, tennis court and volleyball court.

Situated in northwest San Antonio, Axio Apartments is located near major employers and transit routes. The USAA Corporate Headquarters is less than a minute away and South Texas Medical Center is under 10 minutes away. Interstate 10 is about 2 miles away, providing direct access to Interstate 410 and Downtown San Antonio.