Berkadia announces it has arranged the acquisition financing for The Reserve at Brandon, a 982-unit apartment community located in Brandon, Florida, outside of Tampa. Managing Directors Brad Williamson, Matt Robbins and Scott Wadler, Senior Managing Director Mitch Sinberg and Vice President Alan Dillman of Berkadia Miami secured a loan on behalf of ZMR Capital, a real estate investment firm based in Tampa. The property was 94 percent occupied at the time of sale.

MF1 provided a five-year, floating-rate loan bridge loan.

ZMR currently owns over $1.5 billion in assets and 7,000 units across the U.S. In addition to this, ZMR has five more deals under contract in Orlando, Tampa, and Fort Myers. It is targeting $2 billion in acquisitions in 2022.

“The Tampa market has enjoyed record-breaking growth and excellent multifamily fundamentals in the wake of the COVID-19 pandemic,” said Williamson. “Based on ZMR Capital’s strong track record and equity partnership, we were able to secure attractive financing terms with lender MF1.”

“We are incredibly excited to increase our footprint in the Tampa MSA,” added Zamir Kazi, CEO of ZMR Capital. “It’s a backyard deal for us and we can’t wait to see the transformation at this property, and the Berkadia team was a pleasure to work with as always.”

Built between 1991 and 2002, The Reserve at Brandon is located at 1918 Plantation Key Circle and offers one-, two- and three-bedroom units ranging from 705 square feet to 1,200 square feet. Individual units feature stainless steel appliances, faux granite countertops, designer tiled kitchens, two-tone interiors, a breakfast bar, designer faucets and ceiling fans, wood-style vinyl flooring in the living room, dining room and kitchen, walk-in closets and patios or balconies. Community amenities include a clubhouse, state-of-the-art fitness center, three sparkling pools with cabanas, a playground, tropical landscaping, a business center with high-speed internet, a coffee bar, tennis court, on-site management and 24-hour emergency management.

Situated in Brandon, the Reserve at Brandon is close to the I-75, Brandon Boulevard, the Providence Square Shopping Center, Brandon Crossroads, the McKay Bay Nature Park and it is 30 minutes away from Tampa International Airport.

Berkadia announces it has arranged the acquisition financing for The Reserve at Brandon, a 982-unit apartment community located in Brandon, Florida, outside of Tampa. Managing Directors Brad Williamson, Matt Robbins and Scott Wadler, Senior Managing Director Mitch Sinberg and Vice President Alan Dillman of Berkadia Miami secured a loan on behalf of ZMR Capital, a real estate investment firm based in Tampa. The property was 94 percent occupied at the time of sale.

MF1 provided a five-year, floating-rate loan bridge loan.

ZMR currently owns over $1.5 billion in assets and 7,000 units across the U.S. In addition to this, ZMR has five more deals under contract in Orlando, Tampa, and Fort Myers. It is targeting $2 billion in acquisitions in 2022.

“The Tampa market has enjoyed record-breaking growth and excellent multifamily fundamentals in the wake of the COVID-19 pandemic,” said Williamson. “Based on ZMR Capital’s strong track record and equity partnership, we were able to secure attractive financing terms with lender MF1.”

“We are incredibly excited to increase our footprint in the Tampa MSA,” added Zamir Kazi, CEO of ZMR Capital. “It’s a backyard deal for us and we can’t wait to see the transformation at this property, and the Berkadia team was a pleasure to work with as always.”

Built between 1991 and 2002, The Reserve at Brandon is located at 1918 Plantation Key Circle and offers one-, two- and three-bedroom units ranging from 705 square feet to 1,200 square feet. Individual units feature stainless steel appliances, faux granite countertops, designer tiled kitchens, two-tone interiors, a breakfast bar, designer faucets and ceiling fans, wood-style vinyl flooring in the living room, dining room and kitchen, walk-in closets and patios or balconies. Community amenities include a clubhouse, state-of-the-art fitness center, three sparkling pools with cabanas, a playground, tropical landscaping, a business center with high-speed internet, a coffee bar, tennis court, on-site management and 24-hour emergency management.

Situated in Brandon, the Reserve at Brandon is close to the I-75, Brandon Boulevard, the Providence Square Shopping Center, Brandon Crossroads, the McKay Bay Nature Park and it is 30 minutes away from Tampa International Airport.

Berkadia announces it has arranged the sale and financing of Jupiter Isle Apartments, a 359-unit value-add, garden-style apartment community located in the northern Palm Beach County city of Jupiter, Fla. Senior Managing Directors Jaret Turkell and Roberto Pesant, along with Associate Director Omar Morales and Senior Analyst Jose Mota of Berkadia Miami, marketed the property on behalf of Northland. S2 Capital, a national value-add multifamily investor with more than $9 billion in transaction volume, acquired the property for an undisclosed amount.

Managing Director Nathan Stone, and Associate Directors Brad Mason and Guy Griffith, along with Analyst Heather Culver of Berkadia Dallas, secured financing on behalf of S2 Capital.

“Jupiter Isle is a well-kept apartment community ideally located in an affluent community east of I-95, less than a 30-minute drive from the booming West Palm Beach/Delray Beach markets,” said Turkell. “The new owner has the opportunity to elevate the property’s finishes to compete with newer product, in a climate in which multifamily fundamentals have never been stronger.”

"We are excited to invest in Jupiter Isle and believe the property represents a compelling investment for both the community and our investors," said Davey Leach, VP of Acquisitions at S2 Capital. "The county as a whole is enjoying growth, but with constrained supply and very limited new construction, the Jupiter submarket in particular offers tremendous opportunity to transform an older community into a market-leading option for its growing number of residents."

Located on 30 acres at 6705 Mallard Cove Road, Jupiter Isle Apartments is a Class B, two-story apartment complex built in 1984. It features one-and two-bedroom units, multiple swimming pools, and other outdoor amenities. Over the next two years, S2 expects to complete a $5 million plus renovation to enhance common areas and remodel unit interiors. Improvements will include exterior painting and balcony repair; renovation of the leasing center, fitness center, and gym; and interior unit upgrades including stainless steel appliances, hardware and countertop upgrades, and the installation of new floors and ceramic tile showers. The refurbishment will position the property for future buyers as a premium asset in a supply constrained market with exceptional demographics.

The property lies in the Jupiter/Palm Beach Gardens submarket of Palm Beach County, approximately 16 miles north of Palm Beach. It boasts convenient access to nearby jobs, retail establishments and entertainment, and is located 10 minutes from Jupiter’s beaches and 25 minutes from Palm Beach International Airport.

Berkadia announces it has arranged the sale of Lirio at Rafina, a brand-new, 280-unit, Class AA luxury garden apartment community in Orlando, Fla. Managing Directors Brett Moss and Matt Wilcox, Associate Director Tyler Swidler and Senior Managing Director Cole Whitaker of Berkadia Orlando marketed the property on behalf of Catalyst Development Partners and Six Pines Realty. Preferred Apartment Communities acquired the property.

“Davenport’s equidistant location between greater Orlando and Tampa uniquely positions the submarket to draft off growth patterns of two of the nation’s top five highest-growth MSAs,” said Moss. “Nearly 200,000 residents moved to the I-4 Corridor since 2020, and Davenport is situated at the epicenter of it all.”

Built in 2021, Lirio at Rafina is located at 1008 Laguna Loop and offers one-, two- and three-bedroom apartments averaging from 758 square feet to 1,248 square feet. Individual apartments feature electronic doors, wood-inspired flooring, designer pendant lighting, fully equipped kitchens with stainless steel energy-efficient appliances, refrigerators with a water and ice maker, table-sized kitchen islands with a breakfast bar, luxury granite countertops and unique tile backsplash, plentiful storage, carpeted bedrooms,  walk-in closets and showers, full-size washer and dryers, wireless-enabled thermostats and private balconies or patios in select units. Community amenities include a resort-style pool with private cabanas, a summer kitchen with gas grilling stations, a 24-hour fitness center, a clubroom with coworking spaces and a media and business center, a dog grooming spa, a complimentary beverage café, package concierge and valet waste service.

Situated in the epicenter of Central Florida’s high growth I-4 Corridor, Lirio at Rafina is bound by two prominent master-planned communities: Reunion and Championsgate. It is close to Downtown Orlando, Walmart, Amazon and Ford Motor distribution centers. Lirio at Rafina is also within 30 minutes of nearly 2,000 hospital beds, 25 minutes from the Orlando International Airport and 10 minutes from Walt Disney World.

Berkadia announces it has arranged the sale and financing of The Place at Carrollwood, a 224-unit multifamily property in Tampa, Fla. Senior Managing Directors Jason Stanton and Matt Mitchell and Senior Director Greg Rainey of Berkadia Tampa and Senior Managing Director Cole Whitaker,Senior Director David Etchison, Directors Mary Beale, and Associate Director Lauren Gassie of Berkadia Orlando, represented the seller, Redwood Capital Group, a multifamily real estate investment and management company based in Chicago, IL.

Managing Director Scott Wadler of Berkadia Miami Senior Director Matt Nihan of Berkadia Boca Ratonsecured acquisition financing on behalf of the buyer, Beacon Real Estate Group. ACRE, a private equity commercial real estate firm based out of New York, Atlanta, and Singapore originated the loan.

“Place at Carrollwood represented an excellent opportunity to acquire a well-positioned community in the highly desirable Carrollwood submarket,” said Stanton.

Built in 1984 and located at 4949 Marbrisa Drive, The Place at Carrollwood is situated in a natural conservation area of Tampa, surrounded by lush landscaping and natural lakes. It offers one- and two-bedroom apartments ranging from 629 square feet to 1,050 square feet and individual units include a fireplace, sleek kitchen cabinets, a kitchen pantry, modern appliances, European light fixtures, designer flooring, walk-in closets and an expansive balcony or patio with lakefront or tropical views. Community amenities include a pool with poolside grilling, a fitness center, boardwalk, 24-hour laundry center, car care station, a playground, on-call maintenance and a natural preserve.

It is conveniently located fifteen minutes away from downtown Tampa and the beaches, close to Veteran’s expressway/589, and 5 minutes away from Citrus Park Mall and Busch Gardens.

Riverland Apartments, located just west of I-95 in Broward County, delivered in 2021

Berkadia announces it has arranged the sale of Riverland Apartments, a brand new, 276-unit garden-style luxury apartment community located in Fort Lauderdale, Fla. Senior Managing Directors Roberto Pesant and Jaret Turkell, along with Associate Director Omar Morales and Senior Financial Analyst Jose Mota of Berkadia Miami, marketed the property on behalf of MORGAN, a Houston-based multifamily investor. The property delivered in July 2021 and was stabilized by December 2021. 

“Housing in Fort Lauderdale, and across most of South Florida and the Sun Belt, has become increasingly more expensive leading to an affordability issue,” said Evan Schlecker, President of MORGAN, based out of MORGAN’s Miami office. “MORGAN is focused on delivering new, Class A rental product at a more attainable price point that is within reach for citizens who are the backbone of their communities.  We have a strong pipeline of similar communities planned across Florida to help add much needed rental product to the existing stock of options that is currently undersupplied. Riverland Apartments is a prime example of the product South Florida needs: surface parked, fully amenitized, with proximity to downtown, transportation corridors and retail.”

“Riverland is uniquely positioned to draft off the demand for housing in or near Downtown Fort Lauderdale while also providing its residents superior connectivity to the region’s major employment hubs,” said Pesant. “The location presents a unique alternative to rapidly increasing downtown Fort Lauderdale rents. This, combined with a rental housing deficit in Broward County,a wave of corporation relocations and expansions to South Florida, have translated into substantial rent growth throughout lease-up.”

Located at 420 SW 27th Avenue, the new gated community consists of six, four-story buildings with a unit mix of 24 studios, 164 one-bedroom, 80 two-bedroom and eight three-bedroom apartments. Apartments offer high-quality finishes with an amenity package that includes contemporary spaces for social gatherings, fitness, business and relaxation. There is a resident business center, internet lounge, clubroom for gatherings, entertaining kitchen, a state-of-the-art fitness center with a virtual fitness studio, and mailroom with parcel lockers. Amenities include a covered seating area with gas grill stations, covered veranda for relaxation, pool pavilions, sunbathing deck, dog park and heated pool that overlooks a lake.

This property is ideally located just minutes from I-95, the Tri-Rail Station and two miles from downtown Fort Lauderdale, placing it within an easy community of some of the largest employment hubs in South Florida.