HOUSTON – Berkadia announces it has arranged the sale and financing of Vargos on the Lake, a 276-unit multifamily asset in Houston. Senior Managing Director Ryan Epstein and Director Jennifer Ray of Berkadia’s Houston office represented the seller, Hunington Properties, Inc. Senior Managing Director Cutt Ableson of the same office secured the financing on behalf of the buyer, Berkshire Residential Investments.

“Vargos on the Lake is a unique asset in a Houston market where construction costs continue to rise, limiting development of new assets,” said Epstein.

“With new development tapering off in 2019, the asset is well-positioned for future rent growth in an advantageous site near Galleria, Westchase District and the Energy Corridor, which includes a variety of high-quality employers,” added Ableson.

Built in 2015, Vargos on the Lake is located at 2411 Fondren Road. One-, two- and three-bedroom units include stainless steel appliances, gas range, white quartz countertops, washer/dryer and USB outlets. The asset also includes 13 townhouse units with attached garages. Community amenities feature a cyber lounge with Wi-Fi, latte and tea bar, executive conference room, fitness studio with kick boxing station and Barkos Pet Park, Houston’s largest dog park in multifamily.

Developed by Hunington Properties Residential, the firm is moving forward with four projects currently in the development process as it ventures into mixed-use micro communities. 

Situated off the Westheimer corridor, the asset is found near large employment hubs and important transit routes. The Galleria, Houston’s third largest business district with about 83,000 employees and 28 million square feet of commercial office space, is only four miles away. Houston’s second largest business district, Energy Corridor, is also only four miles away, featuring over 19 million square feet of office space and company headquarters of BP America, Shell, and ConocoPhilips.

TAMPA, Fla. –Berkadia announces it has arranged the sale of LakeBridge Apartments, a 400-unit multifamily property located in Tampa, Florida. Managing Director Jason Stanton of Berkadia’s Tampa office and Senior Managing Director Cole Whitaker of Berkadia’s Orlando office arranged the $44.4 million sale on behalf of the seller, Insula Companies, and the buyer facilitator, Blue Roc Premier Properties.

“With the continued evolution of the Tampa market, a property situated in a convenient location has potential for serious value-add implementation,” said Stanton. “It also has the potential for a significant rental increase by renovating the unit interiors leveraging off of the exterior capital improvements that have already been made on the property.”

The property has had over $4 million worth of improvements since it was built, including fresh exterior paint, new roofs, pool resurfacing, parking lot overlay, and a clubhouse renovation.

Built in 1985, LakeBridge Apartments is situated at 8302 Crystal Harbor Drive and includes one-, two- and three-bedroom floor plans, averaging 728 square feet. The property offers access to a wide range of resort-style amenities.

LakeBridge Apartments is located in the Town ‘N’ Country neighborhood of Tampa. With immediate access to Tampa International Airport, Tampa Community Hospital, Westshore Business District, and downtown Tampa, the community is situated near major employment hubs and economic generators.

Tampa, Fla. - Berkadia has arranged the sale of Palma Ceia Hyde Park Apartments, a 122-unit garden-style multifamily property located in the Historic Hyde Park section of Tampa, Florida. Jason Stanton Managing Director of Berkadia’s Tampa office and Cole Whitaker, Senior Managing Director of Berkadia’s Orlando office, arranged the sale on behalf of McKinley Companies LLC. Laramar Group purchased the property for $20.3 million.

“Palma Ceia is a well-located infill property in the heart of South Tampa with considerable upside potential,” said Stanton. “The previous owner made several capital improvements, including exterior painting, amenity enhancements, granite countertops and cabinets, and lush landscaping. The new owner will be able to leverage off these improvements.”

Built in 1973, Palma Ceia Hyde Park features studio, one- and two-bedroom apartments, averaging 648 square feet. Individual units feature carpeted bedrooms with ceramic tile flooring in main living areas, large closet space, energy-efficient appliances, granite countertops, and central air conditioning and heat. The community offers resort-style amenities including a 24-hour fitness center and laundry facility, swimming pool, grilling station, and outdoor kitchen.

Built in 1973, Palma Ceia Hyde Park is situated at 2402 Teresa Circle. The complex is centrally located with premier access to Downtown and South Tampa, Historic Ybor City, Channelside, and St. Petersburg, making for easy access to popular restaurants, coffee shops, and other attractions in Hyde Park such as the Palma Ceia Country Club. The property is also within the Hillsborough County Public School District and zoned for top-ranked elementary, middle and high schools.

Largo, Fla. – Berkadia announces it has arranged the sale of Dwell at Bay Crossing, a 228-unit multifamily asset in Largo, Florida. Managing Director Jason Stanton of Berkadia’s Tampa office and Senior Managing Director Cole Whitaker of Berkadia’s Orlando office arranged the sale on behalf of the seller, Redwood Capital Group, and the buyer, Ashcroft Capital.

“The Tampa-St. Petersburg area has seen a strengthening labor market with household median income growth up 12 percent,” said Stanton. “Consistently ranked as one of the best cities to live in and find employment, the Tampa MSA has become an exemplary market displaying strong multifamily fundamentals for investments in value-add communities.”

Built in 1976, Dwell at Bay Crossing is located at 600 Starkey Road. One-, two- and three-bedroom units include walk-in closets, washer/dryer, internet access and fully equipped kitchens. Community amenities include two swimming pools, resort-inspired pool furnishings, tennis court, 24-hour fitness studio, picnic areas, and dog park.

The asset is located near major employers and transit routes, including Largo Medical Center, St. Pete-Clearwater International Airport and Clearwater Beach. Interstate 275 is less than 20 minutes away, providing direct access to downtown St. Petersburg and Downtown Tampa, and U.S. 19 is less than 10 minutes away, offering an alternative route to downtown St. Petersburg.

MIAMI – Berkadia today announced that it has hired Jaret Turkell as Senior Managing Director, Investment Sales. Turkell has 15 years of experience in the commercial real estate industry and has completed over $7 billion in sales volume over the course of his career. Turkell will be based in Berkadia’s Miami and Boca Raton offices.

 “Jaret’s outstanding track record and approach to client service make him an excellent fit for our growing South Florida investment sales team,” said Keith Misner, Berkadia’s Head of Investment Sales. ”He brings a comprehensive understanding of the South Florida market with a wealth of experience in different asset types.”

Prior to joining Berkadia, Turkell served as Managing Director in HFF’s Miami office, where he specialized in the sale of multifamily assets and land, as well as raising joint venture equity for developments. Prior to that, Turkell practiced real estate and land-use law at a prominent global law firm in Miami, advising clients on large commercial transactions as well as legal issues surrounding acquisitions and dispositions.

Turkell holds a J.D. from Duke University and a Master of Laws (LL.M.) in Real Property Development from the University of Miami. He is a member of The Florida Bar and the Urban Land Institute, and sits on the board of advisors for the University of Miami’s LL.M. program in Real Property Development.  

CHARLESTON, S.C. – May 31, 2019 – Berkadia announced today the $24.4 million sale of Hawthorne at Forestdale, a 234-unit garden-style multifamily property in Burlington, North Carolina. Managing Director Mark Boyce and Associate Director Blake Coffey both of Berkadia’s Carolinas’ office completed the sale on behalf of the Alabama-based seller. The buyer is based in Texas, and the deal closed on May 30. Senior Managing Director Richard Levine of Berkadia’s Atlanta office sourced a Fannie Mae loan on behalf of the buyer.

“This was a well-executed transaction from all parties involved—both buyer and seller were great to work with, and our Berkadia debt team was able to execute the financing ahead of our scheduled closing,” said Boyce. “Secondary markets in the Carolinas continue to be a hot topic amongst investors.”

Located at 3551 Forestdale Drive, Hawthorne at Forestdale features studio-, one-, two- and three-bedroom floor plans with large walk-in closets, interiors with modern finishes and private patios or balconies. Community amenities include a saltwater pool with sundeck, playground, cyber café, community pond, on-site laundry facilities, a 24-hour fitness center and dog park.

About Berkadia®:

Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. 

To learn more about Berkadia, please visit www.berkadia.com.