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.

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 $32 million recapitalization of the Promenade at Aloma, a 233-unit multifamily community located in Orlando, Fla. Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia Miami secured the financing on behalf of Pensam Capital, a multifamily real estate investment firm based in Miami, Fla.

Freddie Mac provided the 10-year, fixed-rate loan, with full term interest only and a loan-to-value ratio of 65 percent.

“The Orlando metro area’s economic rebound produced favorable apartment fundamentals in 2021 which are expected to continue into 2022,” said Foschini. “Freddie Mac recognized these fundamentals and allowed for a loan that returned significant equity to the borrower for the value they had added over time.”

According to Berkadia Research, Orlando likely to see a 5.3 percent year-over-year growth in jobs this year. By the end of 2022, staffing levels in six of the metro’s 10 employment sectors are predicted to be at or above the January 2020 pre-pandemic peak. The desirability of living in Orlando will prompt operators to raise average effective rent a projected 8.2 percent by the fourth quarter of 2022.

Located at 2785 Chaddsford Circle, Promenade at Aloma was built in 1998 and consists of 26 two- and three-story buildings on an 18-acre site. The property offers one-, two- and three-bedroom apartments ranging from 908 square feet to 1,268 square feet. Individual units feature ceiling fans, vinyl plank and carpet flooring, laminated countertops and cabinetry, a breakfast bar, walk-in and linen closets, and select units have built-in shelving and washer and dryers. Community amenities include a resort-style pool and spa, clubhouse with Wi-Fi, a fitness center, tennis court, jogging trail, sand volleyball court and a car care area.

The property is situated in northeast Orlando, just 10 minutes from both the University of Central Florida, one of the largest employers in the area, and Valencia College-East Campus. It is also 10 minutes from Central Florida Research Park and Quadrangle Office Park, East Orlando’s largest concentration of white collar and high-tech employers. Notable employers nearby include Siemens, Boeing Corporation, Cisco Systems Inc., Northrop Grumman, Raytheon Systems, and Rockwell Collins. The property is 30 minutes from Downtown Orlando and Orlando International Airport.