Trending Multifamily News
Berkadia announces the appointment of Michael Conway as Senior Director to Berkadia JV Equity & Structured Capital, which specializes in arranging joint-venture equity and structured capital from a wide variety of institutional sources, both domestic and international. Based in Denver, Colo., Conway will be responsible for capital raise execution and business development activities for the team, reporting to the team founders Chinmay Bhatt, Cody Kirkpatrick and Noam Franklin.
Over the past 12 months, Berkadia JV Equity & Structured Capital has successfully sourced the equity on close to 60 transactions. Since the team was launched at Berkadia in 2019, they have arranged the equity for over 19,000 multifamily/build-to-rent units and student housing beds across 19 states.
“We’re delighted to have a professional of Michael’s caliber join our growing national team,” said Kirkpatrick.
“To find a qualified experienced professional that has a real understanding and history on the equity side was very challenging, so we were excited to bring Michael into our platform,” said Franklin.
Conway joins Berkadia from a national real estate advisory firm, where he was Vice President of Equity Placement, and led equity capital raises for institutional and middle-market sponsors in the multifamily and build-to-rent sectors.
Berkadia JV Equity & Structured Capital is a dedicated team of professionals at Berkadia that focuses exclusively on the equity side of the capital stack. Drawing on their relationships with a wide variety of domestic and foreign capital sources, including HNW investors, private equity, pension funds, insurance companies and family offices, the team works with clients to structure JV equity, senior equity, preferred equity/mezzanine debt, ground leases, stretch senior A/B notes and co-GP/entity-level partnerships.
Middleburg Real Estate acquired Indigo Champions Ridge in Davenport, Florida
Berkadia announces it has arranged the sale of Indigo Champions Ridge, a brand-new, 300-unit luxury Class AA garden-style apartment community strategically located in-between the greater Orlando and Tampa metropolitan areas. Managing Director Brett Moss, Associate Director Tyler Swidler, Senior Managing Director Cole Whitaker, and Senior Managing Director Matt Mitchell of Berkadia’s Orlando and Tampa offices represented the Sellers, Red Clay Development Partners, a real estate development company based in Peachtree Corners, Ga., and Atlantic Residential, a private commercial real estate firm based in Atlanta, Ga.
Middleburg Real Estate, a real estate company based in Middleburg, Va., acquired the property for $100.5 million.
“Indigo Champions Ridge is well-poised to capture continuous demand in Central Florida given its top-of-market finishes and amenities, immediate access to an array of lifestyle and employment drivers, and advantageous location at the crossroads of the award-winning master-planned communities of ChampionsGate and Reunion,” said Moss.
Completed in 2022, and located at 1005 Champions Ridge Drive, Indigo Champions Ridge is a three-story garden-style community offering one-, two- and three-bedroom apartments averaging 787 square feet to 1,340 square feet. Individual units feature fully-equipped kitchens with stainless-steel and energy-efficient appliances, luxurious granite countertops with undermount sinks, chef-style kitchen faucets, designer pendant lighting, wood-inspired flooring, stand-up glass showers and soaking tubs, oversized closets with plentiful storage, and expansive private balconies and patios.
Community amenities include a resort-style swimming pool with a relaxation deck, 24-hour state-of-the-art fitness center, yoga lawn, Bocce ball courts, outdoor pavilions with fire pits and grilling stations, complimentary coffee and craft beer bars, a co-working lounge, a dog washing station and bark park, and a package locker system.
Ideally situated in Polk County, Indigo Champions Ridge’s location just north of the I-4 and Highway 27 Interchange positions the Property to enjoy proximity to a multitude of logistics titans including Amazon, Walmart and CVS, amongst others. Additionally, the Property is encircled by a strong healthcare contingent inclusive of nearly 2,000 hospital beds and benefits from convenient connectivity to Orlando’s world-renowned Tourist Corridor. Further, Indigo Champions Ridge is situated at the nucleus of the “I-4 Corridor,” enjoying proximity to two of the fastest growing MSAs in the nation, with Orlando and Tampa ranking 3rd and 5th, respectively, for net in-migration.
Berkadia Arranges Sale and Finance of Garden-Style Workforce Multifamily Community in Houston, Texas
Berkadia announces it has arranged the sale and finance of Creekside Villas at Clear Lake, a 202-unit workforce housing community in Houston, Texas. Managing Directors Joey Rippel and Chris Young, Director Kyle Whitney, Managing Director Jeffrey Skipworth and Senior Managing Directors Chris Curry and Todd Marix of Berkadia Houston represented the seller, ClearWorth Capital, a multifamily owner/operator based in Addison, Texas.
Cutt Ableson of Berkadia Houston secured debt through Ready Capital on behalf of the buyer, a partnership between Trinnium Equity Group, a private equity firm based in Salt Lake City, Utah and Starboard Equity, based in Dallas, Texas.
“Creekside Villas at Clear Lake is in one of Houston’s best located suburbs with a healthy local economy, top rated schools and an affluent demographic which supports consistent demand for workforce housing,” said Joey Rippel.
Located at 707 El Dorado Boulevard, Creekside Villas at Clear Lake was built in 1979 and offers one-, two- and three-bedroom apartments ranging 1,100 square feet and 9,009 square feet. Individual units feature wood-style flooring, kitchen pantries, white, black or stainless-steel appliances, Formica countertops, frost-free refrigerators, ceiling fans in bedrooms, walk-in closets with wooden rods, private patios, decks or balconies. Select units include fireplaces, studies, brushed nickel hardware, dishwashers, linen closets, framed bathroom mirrors and full-sized washers and dryers. Community amenities include a cybercafé and resident lounge with a coffee bar, a resident kitchen, a natural stone swimming pool with a waterfall, a fitness center, a trellised poolside grilling area with propane grills, mature landscaping with open greenspaces and water features, a clothes care center on site, open and covered parking, valet trash service and perimeter fencing with controlled access.
Situated in Harris County, Creekside Villas at Clear Lake is in the fifth best school district in Houston, less than five miles away from NASA’s Johnson Space Center, the Boeing Corporate Campus, the Ellington Airport, the HCA Houston Healthcare Clear Lake and less than 30 minutes away from the Port of Houston.
Berkadia announces it has secured a $90 million loan to refinance the Divosta Towers, two newly built luxury office towers totaling approximately 217,000 square feet in Palm Beach Gardens, Florida. Senior Managing Director Charles Foschini, Managing Director Scott Wadler and Senior Analyst Robert Iudice of Berkadia Miami secured financing on behalf of the owner, Gatsby Enterprises. The property was in the final stage of its lease up when the refinance effort was launched, during which it achieved strong leasing velocity and was stabilized by closing.
Deutsche Bank provided the floating-rate loan, with a two-year term, and two, one-year extension options, interest only for the loan term and extensions.
“The Divosta Towers are in an affluent and highly sought-after market with little office inventory and a growing tenant base resulting from a wave of corporate and executive relocations,” said Foschini. “Located at the hard corner of PGA Boulevard and A1A, the property offers its Class A global tenants a truly high-profile location in a state-of-the-art building that boasts panoramic views of Palm Beach Gardens.”
Located at 3825 and 3835 PGA Boulevard, Divosta Towers were completed in 2019 and 2020 and consist of two towers totaling 217,208 square feet and a connected parking structure. Tenants include J.P Morgan, Stifel, NFP and Virtu Financial. The towers feature 10-foot ceilings with floor-to-ceiling windows and no view obstruction, lots of natural light, an attached garage with direct access to lobby and suite floors, car charging stations, a courtyard and outdoor seating, on-site owner management and a high-speed elevator system.
The property offers immediate access to I-95 and the Florida Turnpike, and is surrounded by more than 2.5 million square feet of high-quality retail including the Gardens Mall, featuring 1.4 million square feet of upscale retailers; the Whole Foods-anchored Downtown Gardens; the Trader Joe’s-anchored PGA Place and the Best Buy-anchored Legacy Place. It is also proximate to several luxury residential developments and some of the nation’s’ most exclusive waterfront golf communities.
TruAmerica Multifamily purchased the 156-unit Dakota Apartments
Berkadia announces it has arranged the sale and financing of Dakota Apartments, a 156-unit, garden-style apartment community located approximately six miles outside of the state capital of Olympia, Washington. Senior Directors Ben Johnson and David Sorensen, Associate Director George Pallis and Senior Managing Director Kenny Dudunakis of Berkadia Seattle, represented the seller, Bellevue based, American Capital Group.
Senior Managing Director Mitch Sinberg and Managing Director Matthew Robbins of Berkadia Boca Raton, along with Managing Director Brad Williamson of Berkadia Miami, secured acquisition financing on behalf of the buyer, TruAmerica Multifamily, a Los Angeles-based investment firm.
A bank lender provided a fixed-rate loan with a five-year term.
“The Dakota Apartments offered investors with a rare opportunity to acquire a post-2000 construction multifamily property with a proven value-add potential, in a strong location that is projected to continue to grow,” said Johnson. “This asset is the ideal size, location and vintage for investors looking to expand their presence or plant a flag in the Pacific Northwest.”
Added Sinberg, “Thurston County’s multifamily market benefits from strong surrounding demographics and the stable economic drivers of the State Capital and Joint Base Lewis-McChord.”
Located at 6205 Pacific Avenue and built in 2006, the Dakota Apartments offer one- and two-bedroom apartments averaging 756 square feet to 1,089 square feet. The prior owner had renovated 71 of the original units, allowing the new owner the opportunity to complete the full renovation and repositioning of the property. Individual units feature vinyl flooring, ceiling fans, stainless steel appliances, pantries, built in bookshelves, linen closets, washer and dryers, patio or balconies. The gated community amenities include an outdoor swimming pool, hot tub, sundeck and cabana, a playground, resident lounge with kitchen, billiards table and game room, a fitness center, theater room, and assigned and covered parking.
Located approximately six miles east of downtown Olympia in Lacey, the Dakota Apartments are in one of the state’s most affluent metro areas, with surrounding median income of nearly $75,000 and median home sales approaching $500,000. It is close to Saint Martin’s University, Providence St. Peter Hospital, the Woodland Creek Golf Course and the Woodland Creek Park.
Berkadia announces it has arranged the acquisition financing for The Canopy Apartment Villas, a 296-unit rental community located in Orlando, Florida.
Senior Managing Director Mitch Sinberg and Managing Director Matthew Robbins of Berkadia Boca Raton and Managing Director Brad Williamson of Berkadia Miami secured a loan on behalf of the buyer, a joint venture between Taurus Investment Holdings, a global private equity real estate firm, and Aegon Asset Management, the asset management arm of Aegon N.V. A bank originated the $58.56 million, five-year loan.
Earlier this year, Taurus and Aegon AM announced a four year, $600 million ESG-centric partnership aimed at acquiring value-add multifamily assets and reducing their energy consumption and carbon outputs. Through Taurus’s energy-focused subsidiary, RENU Communities, Taurus will aim to transition The Canopy Apartment Villas to a low-carbon, energy efficient multifamily complex.
“Canopy Apartment Villas is exceptionally located in Orlando, close to major Florida attractions, where there is a strong demand for multifamily communities and continued population and employment growth,” said Robbins. “Canopy will also provide investors with a unique opportunity to deliver strong returns and benefit the environment.”
“Taurus and Aegon AM have made a commitment to building a business that delivers returns to our investors, while also positively impacting both society and the environment, so it only makes sense to partner for this substantial decarbonization venture,” said Peter A. Merrigan, CEO of Taurus. “RENU has already proven to be a leader in addressing carbon emissions in existing buildings, and its work across this portfolio will further show our innovative ability to decarbonize properties in a way that is beneficial to all parties.”
Built in 1981, The Canopy Apartment Villas offer one-, two- and three-bedroom apartments ranging from 826 square feet to 1,337 square feet. Individual units feature ceramic tile and wood-vinyl plank flooring, brushed nickel accents, wood burning fireplaces, designer kitchens, black or stainless-steel appliances, maple cabinetry, ceiling fans with light fixtures, California closets, double bathroom sinks and over-sized fenced-in private patios. Community amenities include a fitness center, two resort-style swimming pools, a summer kitchen with gas grills and gazebo, poolside fire pit with seating area, a community playground and newly updated clubhouse.
Located in the neighborhood of Ventura in Orlando, Canopy Apartment Villas is just minutes from I-4 and the 408 Expressway, and close to the Ventura Country Club, the Orlando International Airport, Valencia Community College, Century Plaza and Demetree Park.
