Berkadia announces it has arranged the sale of The Tradewinds at Willowbrook, a 374-unit multifamily property located in northwest Houston. Senior Managing Director Ryan Epstein and Director Jennifer Ray of Berkadia’s Houston office arranged the sale on behalf of Olympus Property of Fort Worth, Texas. The buyer is Cortland, a multifamily owner/operator based in Atlanta, Georgia.

“Tradewinds at Willowbrook presented an exceptional value-add investment opportunity in a market where underlying fundamentals are excellent,” said Epstein. “The Houston market as a whole has seen strong absorption and limited new supply in recent years, combined with considerable job growth. In the area where Tradewinds is located in particular, there are currently no comparable properties in lease-up or new projects under development, so with the appropriate capital improvements, the new owner could realize significant rent growth and return on investment.”

Built in 2007, Tradewinds at Willowbrook is located at 12331 North Gessner Road and consists of 14 three-story buildings. The property offers spacious one, two- and three-bedroom floor plans averaging 920 square feet. Some units include wood floors, spacious patios, fireplaces, or vaulted ceilings. Community amenities include a resort-style pool with Wi-Fi, a jogging and fitness trail, private detached/attached garages, an executive business center and state-of-the-art fitness center, and a picnic area with gas grills and lake views.

Located close to the Vintage Park master-planned community in Houston, Tradewinds at Willowbrook is located near Beltway 8 and Texas 249, within a few miles of major employers that provide more than 26,300 jobs to the immediate area.

Tampa, Fla. - Berkadia announces it has arranged the $43.2 million sale and $34.6 million financing of Allister Place, a 384-unit multifamily asset located in Tampa, Florida. Senior Managing Director Cole Whitaker of the Orlando office and Managing Director Jason Stanton of the Tampa office brokered the sale on behalf Aspen Square, the seller. Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins of Berkadia’s South Florida office arranged the financing on behalf of the buyer, a joint venture between The Michaelson Group, a real estate investment firm based in Jacksonville, and GMF Capital, a real estate investment firm based in New York City.

The South Florida team arranged a 10-year, fixed-rate Freddie Mac loan with 5 years of interest only payments followed by a 30-year amortization and an aggressive fixed rate.

“Strong annual net migration coupled with greater housing demand in the area has made Tampa one of America’s fastest growing cities,” said Sinberg. “The region’s economy has consistently grown over the past two years, and still continues to flourish as the area has added about 30,000 jobs to the market.”

Tampa has been listed as one of the top 10 places to invest in real estate in the U.S. for the first time in 40 years according to Pricewaterhouse Cooper and the Urban Land Institute.

Built in 1986, Allister Place is located at 4939 East Busch Boulevard. One- and two- bedroom units are equipped with walk-in closets, chef style kitchens with granite-style counter tops and stainless-steel appliances. Community amenities feature a clubhouse, business center, storage space, 24-hour fitness center, a resort style swimming pool, and front desk concierge services. The asset also includes 24-hour maintenance, lake views and poolside cabanas.

Situated in Temple Terrace, northeast of Tampa, Allister Place is centrally located to everything residents would need. With easy access to I-275, I-4, and I-75, Allister Place is a short distance to the University of South Florida, Busch Gardens, Raymond James Stadium, and Florida hospitals. Additionally, the asset is minutes away from downtown Tampa, where residents can frequent Tampa’s famous shopping and dining districts.

HOUSTON, TX – Berkadia announces it has arranged the sale of The Retreat at Shadow Creek Ranch, a 370-unit multifamily asset in Pearland. Senior Managing Director Ryan Epstein and Director Jennifer Ray of Berkadia’s Houston office arranged the sale on behalf of Inland Private Capital Corporation, a real estate investment firm based in Oak Brook, Illinois. The buyer was Goldman Sachs Asset Management Private Real Estate.

“The property is found within a planned utility district (PUD), which has already met a set amount of utilities and number of tracts allotted for multifamily development. The decrease in deliveries, coupled with the PUD’s virtually nonexistent capability for new projects, create an opportunity for long-term growth and value appreciation,” said Epstein.

Built in 2013, Retreat at Shadow Creek Ranch is located at 2500 Business Center Drive. One-, two-, and three-bedroom units include large walk-in closets, an oval garden tub, faux stainless-steel appliances, washer/dryer, island kitchen, and granite countertops. Community amenities include an outdoor media lounge, tot pool & tot lot, pet park, picnic areas with barbecue grills, car wash station, clubhouse, and fitness center.

Situated near major transit corridors and employment hubs, Retreat at Shadow Creek Ranch offers convenient access to metro Houston and surrounding neighborhoods. Pearland Town Center and Pearland Medical Center are less than 10 minutes away, and Pearland Regional Airport is under 30 minutes away. South Freeway is less than 10 minutes away, providing a direct route to Downtown Houston, and Sam Houston Freeway is about 10 minutes away, offering access throughout the city’s middle loop areas.

Fort Myers, Fla. - Berkadia has arranged the sale of Cobblestone on the Lake, a 290-unit condominium community consisting of 186 rental units in Fort Myers, Florida. ESG Kullen, of New York, acquired the 186-units for $21.25 million, or $114,247 per unit. The deal gives the new owner complete control over the condominium association. 

Senior Director Tal Frydman, Director Yoav Yuhjtman and Associate Director Nicholas Perrone of Berkadia’s South Florida office, along with Senior Director Jason Stanton of Berkadia’s Tampa office, arranged the sale on behalf of ESG Kullen and the seller, Gestion Sebring LLC, a real estate investment firm based in Toronto, Canada. Having arranged 11 fractured condo deals consisting of almost 1,500 units and over $100 million in sales, the investment sales team begins 2019 with strong momentum carrying over from the previous year.

“The buyer obtained a well-located, desirable property with considerable upside potential in one of Florida’s fastest-growing metros,” said Frydman. “Our analysis shows that current in-place rents are well below comparable properties in the area.”

Built in 2009, Cobblestone on the Lake is located at 4301 Executive Circle and consists of 13 garden-style buildings with one-, two- and three-bedroom models ranging from 764 square feet apartments to four-story townhomes spanning 1,835 square feet with ground-level private garages. Of the 186 units acquired, 144 are “rent-ready” and 42 are in shell condition. The shell condition units will be renovated and brought back online, along with upgrades to the remaining units. Current in-place rents average $1,182 or $0.63 per square foot. Community amenities include a clubhouse, fitness center, game room and meeting room, heated pool and spa, and a jogging/walking path.

Cobblestone on the Lake is conveniently located near major employers and transit routes. Southwest Florida International Airport, which creates over 45,000 jobs, is 20 minutes away, as well as Florida Gulf Coast University. Interstate 75 is 10 minutes away, providing access to the rest of southwest Florida and South Florida, and US-41 is less than five minutes away, providing an alternative route throughout the region and to South Florida.

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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.

© 2019 Berkadia Proprietary Holding LLC. Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC.

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Clearwater, Fla. – Berkadia announces it has arranged the $50.1 million sale and $37.22 million financing of Estates at Countryside, 320-unit multifamily asset in Clearwater, Florida. Berkadia’s Managing Director Jason Stanton out of Tampa and Senior Managing Director Cole Whitaker out of the Orlando office represented the buyer in the transaction. Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins from Berkadia’s South Florida office arranged the acquisition loan on behalf of the buyer, an affiliate of Insula Companies.

Freddie Mac originated the 10-year, floating-rate loan through its “Green Up” program, with the borrower committing to implementing green improvements that will reduce water and energy consumption.

“Estates at Countryside represented an excellent opportunity for Insula to acquire a solid asset in a top Tampa Bay submarket with high barriers to entry that fits their investment strategy of enhancing the community’s overall market appeal,” said Stanton. 

“This was another seamless transaction involving Insula, Freddie Mac and the Berkadia Investment Sales team,” added Robbins. “We were able to structure a loan that allowed the borrower to sign a loan application and hold the rate for 3 months despite a large amount of market volatility in the fourth quarter of 2018 to get us to a February 2019 closing.”

Built in 1990, Estates at Countryside is located at 2652 North McMullen Booth Road. One-, two-, and three-bedroom units include vaulted ceilings, sunrooms, walk-in closets, and washer/dryer. Community features include a fitness center, spa, pool and playground. The community is approximately 30 minutes away from downtown Tampa and 25 minutes from Tampa International Airport, employing about 8,000 individuals and serving the greater Tampa area.

Clearwater, Fla. – Berkadia announces it has arranged the $50.1 million sale and $37.22 million financing of Estates at Countryside, 320-unit multifamily asset in Clearwater, Florida. Berkadia’s Managing Director Jason Stanton out of Tampa and Senior Managing Director Cole Whitaker out of the Orlando office represented the buyer in the transaction. Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins from Berkadia’s South Florida office arranged the acquisition loan on behalf of the buyer, an affiliate of Insula Companies.

Freddie Mac originated the 10-year, floating-rate loan through its “Green Up” program, with the borrower committing to implementing green improvements that will reduce water and energy consumption.

“Estates at Countryside represented an excellent opportunity for Insula to acquire a solid asset in a top Tampa Bay submarket with high barriers to entry that fits their investment strategy of enhancing the community’s overall market appeal,” said Stanton.

“This was another seamless transaction involving Insula, Freddie Mac and the Berkadia Investment Sales team,” added Robbins. “We were able to structure a loan that allowed the borrower to sign a loan application and hold the rate for 3 months despite a large amount of market volatility in the fourth quarter of 2018 to get us to a February 2019 closing.”

Built in 1990, Estates at Countryside is located at 2652 North McMullen Booth Road. One-, two-, and three-bedroom units include vaulted ceilings, sunrooms, walk-in closets, and washer/dryer. Community features include a fitness center, spa, pool and playground. The community is approximately 30 minutes away from downtown Tampa and 25 minutes from Tampa International Airport, employing about 8,000 individuals and serving the greater Tampa area.