Berkadia announces it has secured debt and equity for the acquisition of the 192-unit Element at University Park in College Station, Texas. Senior Managing Director Mitch Sinberg of Berkadia’s Boca Raton office and Managing Director Brad Williamson of Berkadia’s Miami office secured a senior loan on behalf of One Real Estate Investment (OREI), a real estate investment and asset management firm based in Miami. Berkadia’s Joint Venture Equity and Structured Capital Group in New York, led by Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick, lined up an institutional quality equity partner to complete the equity stack with an investment through Electra Capital.

Berkadia originated a 10-year Freddie Mac, floating-rate loan for Element at University Park. Electra Capital provided a preferred equity investment.

 “College Station’s propitious market offers a compelling opportunity to tap into Texas A&M’s 70,000 students, which make up more than half of College Station’s general population,” said Williamson.

Added Jeronimo Hirschfeld, CEO of OREI, “Although this transaction presented new challenges in a unique investment climate, Element at University Park is an excellent acquisition for OREI’s growing market rate portfolio. The property has significant upside potential in terms of interior renovations and exterior amenities. The asset benefits from close proximity to not only the United State’s second-largest university, but also a diverse mix of healthcare employers.”

Built in 2000, Element at University Park is situated at 4475 Carter Creek Pkwy. Located under 10 minutes away from Texas A&M University – College Station’s economic driver – the community’s one- and two-bedroom units include a range, dishwasher, stainless steel appliances, washer/dryer and Wi-Fi. Community amenities feature an elevator, business center, courtyard, tennis court and picnic area.

Berkadia announced today the sale and financing of Promenade Park Avenue, a 105-unit, garden-style multifamily property in Orange Park, Florida. Senior Managing Director Cole Whitaker of Berkadia’s Orlando office and Director Greg Rainey of Berkadia’s Jacksonville office led the $10.55 million sale on behalf of the seller, New York-based Quad Property Group. The seller acquired the property for $6.74 million in December 2017.

“Promenade Park Avenue presents this buyer with an opportunity to continue an already proven value-add strategy while capitalizing on its solid location,” said Greg Rainey.

Promenade Park Avenue was built in 1974 and features 105 renovated and non-renovated units, a swimming pool, and in-unit washer dryer connections in all two-bedroom units. Located at 606 Park Avenue, the property affords convenient access to I-295 with frontage on Park Avenue (66,000 AADT), and is proximate to Orange Park Medical Center and NAS Jacksonville.

Berkadia announces it has arranged the sale of Dunedin Commons, a 280-unit garden-style apartment community located in Dunedin, Florida, approximately five miles north of Clearwater. Managing Director Jason Stanton of Berkadia’s Tampa office, Senior Managing Director Cole Whitaker and Senior Director Marc Sumner of Berkadia’s Orlando office arranged the transaction on behalf of the seller, Primerica Group One, Inc., a real estate firm specializing in commercial and multifamily development in the Tampa Bay area. Westdale Asset Management Ltd., a national real estate investment and management company headquartered in Dallas, acquired the property in an off-market transaction for $62.5 million.

 “This was an excellent opportunity to acquire a Class A community in an infill location with limited newly built competition,” said Stanton. “The population in the Tampa Bay MSA is expected to expand by another 40,000 residents this year, and this has created intense demand for apartments in submarkets like Dunedin within a short commute of employment centers in Tampa and Clearwater.”

Built in 2018, Dunedin Commons is located at 2701 Dunedin Commons Place and consists of one-, two and three-bedroom floor plans. Units feature 9-foot ceilings, faux-wood flooring, private screened lanais, washer/dryer units and granite countertops. Community amenities include a clubhouse, media center, cyber café, fitness center with yoga and cycling studios, resort-style infinity pool, outdoor kitchen, playground, dog washing station, and walking and jogging trail.

Dunedin Commons is located approximately 40 minutes from downtown Tampa and 10 minutes from Clearwater, and offers convenient access to the Pinellas Trail, downtown Dunedin and Clearwater’s popular beaches. 

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.

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Berkadia announces it has arranged the sale of Brownstone Uvalde, a 152-unit multifamily community in Uvalde, Texas. Managing Director Mike Miller, Senior Director Will Caruth and Director Cody Courtney of Berkadia’s San Antonio office secured the sale on behalf of Interurban Companies, a real estate investment and management firm based in Centennial, Colorado. The buyer was 3CM Multifamily.

“Brownstone Uvalde offered an opportunity to acquire a Class A asset with low maintenance costs and high value-add potential,” said Miller. “The discount to replacement was another compelling component that made Brownstone so highly desirable to investors.”

Built in 2012, Brownstone Uvalde is located at 2224 E Main Street. One, two- and three-bedroom units include hardwood floors, walk-in closets, pantry, breakfast bar, balcony/patio, dishwasher and extra storage. Community amenities include a business center, clubhouse, fitness center, media lounge, laundry facility, fitness center, swimming pool and bark park.

Situated in East Uvalde, the asset is found near a variety of cultural and educational institutions. The Texas A&M AgriLife Center, Southwest Texas Junior College and Sul Ross State University are about five minutes away, as well as the Briscoe-Garner Museum and the Uvalde Grand Opera House. The property is found near U.S. 90, offering direct access into San Antonio and Texas.

Berkadia announces it has arranged the sale and financing of Magnolia Grove, a 268-unit garden style community in southeast Houston. Senior Managing Director Ryan Epstein, Director Jennifer Ray and Associate Director Scott Bray of Berkadia’s Houston office arranged the sale on behalf of Lantower Residential, a real estate investment firm based in Dallas. Senior Managing Director John Koeijmans and Associate Director Austin Blankenship of Berkadia’s Dallas office arranged the acquisition financing on behalf of a Dallas-based privately owned company.

On behalf of the buyer, Berkadia secured a 10-year, floating rate Freddie Mac loan.

“The asset’s strategic location between Interstate 45 and Beltway 8, along with nearby repositioned properties that have seen significant rent growth, created a compelling value-add opportunity for the new owner,” said Epstein. “Continuous demand throughout the MSA will allow for the property to achieve market rate rents on par with neighboring communities, providing noticeably improved operating income.”

Built in 1984, Magnolia Grove is situated at 12601 South Green Drive. One- and two-bedroom units include walk-in closets, brushed nickel features, faux wood blinds and private balcony/patio. Community amenities feature a clubhouse, swimming pool, outdoor grilling plaza and 24-hour fitness center.

Located in the Southbelt/Ellington neighborhood, Magnolia Grove is found about five minutes away from I-45 and Sam Houston Expressway, providing direct access to Downtown and Greater Houston. The transit corridors conveniently connect residents to employment hubs such as the Texas Medical Center, Hobby Airport, Ellington Airport and the Port of Houston.

HOUSTON - Berkadia announces it has arranged the sale and financing of Camden South Bay, a 270-unit multifamily community located in Corpus Christi, Texas. Senior Managing Director Ryan Epstein, Director Jennifer Ray and Associate Director Scott Bray of Berkadia’s Houston office represented the seller, Fund South Bay. Senior Managing Director Cutt Ableson of Berkadia’s Houston office secured a Freddie Mac floating rate loan on behalf of buyer Tradewind Properties.

“Formerly known as South Bay, the property was already one of the best performing assets in this market, presenting a significant value-add opportunity due to its age and location,” said Epstein. “Much of the property still has its original finishes, which leaves ample room for a new owner to implement a rehab program of their choosing. In an investment environment where it is difficult to find yield especially for assets of this vintage, the asset will produce outsized dividends for its new owners.” 

Ableson noted, “The Freddie floater includes multiple years of interest only payments which allows for operational transition and asset improvements.”

Built in 2007, the property is located at 1701 Ennis Joslin Road. The three-story, garden-style community includes one-, two- and three-bedroom layouts ranging in size from 642 square feet to over 1,500 square feet. Units feature gourmet kitchens with black appliances, nine-foot ceilings, walk-in closets, washer/dryer, and patios, sun rooms and faux-wood flooring in select units. Common amenities include a 24-hour fitness center with adjoining kids play area; gaming lounge with billiards, shuffleboard and WiFi; pool and outdoor kitchen; business center with WiFi; picnic area with outdoor grills; sand volleyball court; bark park; garages and boat parking; car care center; door to door trash and recycling pickup; gated-access; and 24-hour emergency maintenance.

The asset is strategically positioned in a highly visible location near South Padre Island Drive, the major thoroughfare bisecting Corpus Christi. The property is located within 15 minutes of the booming Port of Corpus Christi, which is expected to become the nation’s top crude oil export hub over the next decade, Texas A&M Corpus Christi, Driscoll Children’s Hospital, and other major employment centers and retail or recreation destinations.