Berkadia announces it has arranged the sale of the Houston Value-Add Multifamily Portfolio, a four-property portfolio consisting of 1,556 apartment units in three suburbs of Houston. Managing Directors Joey Rippel, Chris Young and Jeffrey Skipworth, Director Kyle Whitney, and Senior Managing Directors Todd Marix and Chris Curry of Berkadia Houston marketed the portfolio on behalf of Austin, Texas-based GVA Real Estate Group. The buyer was a joint venture between Stonewall Associates (Houston) and Nord Group (New York).

“Houston is one of the nation’s leading metros for population growth, economic growth and apartment demand,” said Rippel.  “Its strong drivers coupled with its relative yield and lack of rent control, in contrast to other gateway and Sunbelt markets, has attracted a record influx of capital this year, especially to workforce housing. Portfolios, in particular, have been heavily sought after, because investors can outlay more capital at once with immediate scale in a healthy Texas market.”

The properties in the portfolio are:

·       Mosaic (504 units) located at 4025 Burke Road in Pasadena, Tex.

·       Huntington Glen (364 units) located at 12023 Bissonnet Street in Houston, Tex.

·       The Onyx (438 units) located at 10300 S Wilcrest Drive in Houston, Tex.

·       The Avenue (250 units) located at 5050 Yale Street in Houston, Tex.

MLG Capital provided $17.5 million in JV equity for the acquisition of Wildcreek Apartments in Clarkston, Ga.

Berkadia announces it has secured a JV equity partner for the off-market acquisition of Wildcreek Apartments, a 242-unit Class B apartment community located in Clarkston, Ga. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital lined up the equity partner, MLG Capital, on behalf of Miami-based One Real Estate Investment (OREI). MLG contributed $17.5 million in equity toward the $34 million acquisition as the property was purchased with a loan assumption.

Situated in Dekalb County, just 18 miles west of downtown Atlanta, Wildcreek is 97 percent occupied. OREI intends to implement an interior and exterior value-add program, including adding stainless-steel appliances, updated lighting fixtures, resurfaced countertops, backsplashes, new cabinet fronts, and vinyl flooring, and also make exterior upgrades such as roof repair/replacement, fitness center renovation, addition of Amazon Lockers, exterior lighting, and new signage/rebranding.

“Our team prides itself on introducing like-minded sponsors and capital partners when arranging programmatic relationships. In today’s acquisition market, sponsors need to move quickly, and having a reliable capital partner is paramount. Wildcreek is the fourth acquisition for the partnership between OREI and MLG, and they plan to be active together in 2022 and beyond,” said Kirkpatrick.

“OREI remains bullish on the Atlanta MSA with Wildcreek Apartments serving as our team’s third acquisition in the metro in 2021,” added Jeronimo Hirschfeld, CEO of OREI. “The Southeast Dekalb submarket’s demonstrated rent growth and a lack of upcoming new supply prompted OREI’s interest in Wildcreek and align closely with our team’s value-add investment strategy for the asset.”

Built in 1988, Wildcreek Apartments is located at 100 Wild Circle and offers one- and two-bedroom units ranging from 850 to 1,100 square feet, along with a resort-style pool, fitness center, playground, tennis court, walking/biking trails and approximately 300 parking spaces. The property is conveniently situated near the U.S. 78 and I-285 interchange, placing downtown Atlanta just 20 minutes away.

RK Properties acquired the 285-unit Alta East Shore in Apopka

Berkadia announces it has arranged the sale of Alta East Shore, a brand new, 285-unit, luxury garden-style community in the Orlando area suburb of Apopka.

Managing Directors Brett Moss and Matt Wilcox, and Associate Director Tyler Swidler of Berkadia Orlando, marketed the property on behalf of the seller, Wood Partners, one of the nation’s largest multifamily real estate developers, based in Atlanta, Ga. RK Properties, a national multifamily owner and operator with assets across the southeast,  acquired the property.

“We continue to be impressed with the exceptional performance and lease-up metrics we are witnessing on new multifamily developments like Alta East Shore, that are situated in perceived ‘second’ or ‘third’ rung suburban locations in Central Florida,” said Moss. “We commend Wood Partners for having the strategic foresight in recognizing these types of population and demographic shifts that are playing out and delivering a best-in-class product that truly fills a gap in the market.”

Added Wilcox, “There are many eyes on Apopka now in anticipation of the completion of the Wekiva Parkway project, which opens up an entirely new economic corridor connecting the Apopka area to Lake Mary/Sanford, and represents the final link in Orlando’s beltway system. Apopka’s rapid growth up to this point is just the tip of the iceberg.”

According to Berkadia Research’s Q3 2021 score card for the Orlando market, average monthly rent in the Orlando metro area rose 19.5 percent year over year landing at $1,493 per month. Occupancy is hovering around 97.6 percent.

Built in 2021 and located at 2423 Areca Palm Drive, Alta East Shore offers one-, two- and three-bedroom apartments ranging from 757 square feet to 1,287 square feet. Individual units offer fully equipped kitchens with stainless-steel, energy-efficient appliances, granite countertops, a kitchen island with breakfast bar seating, soft-close cabinetry with chrome hardware, under-cabinet lighting in kitchens, designer pendant lighting, wood-inspired flooring, plush carpets in bedrooms, spacious walk-in closets, full-sized washer and dryers, and expansive screened balconies and patios.

The gated community amenities include a resort-style swimming pool with private, poolside cabanas, an outdoor fire pit, pool pavilion with a beer tap and pizza oven, state-of-the-art fitness center with free weights, recreational boxing & cardio equipment, dedicated yoga studio with a virtual trainer, a club room with both business and conference centers, game room with billiards, resident coffee bar, dog park with pet washing station, 24/7 package room, storage units, and private detached garages available for rent.

Situated in Apopka, Alta East Shore is located just west of the AdventHealth Apopka medical campus, near the intersection of Orlando’s Western Beltway (SR-429) and Maitland Boulevard (SR-414).

Buyer Mill Creek Residential plans to build a 36-story, 428-unit apartment high-rise on the property at 230 SW 2^nd Avenue

Berkadia announces it has arranged financing for a partnership to develop a site near the Miami River that is located in a Qualified Opportunity Zone (QOZ).

Senior Managing Directors Jaret Turkell and Roberto Pesant, along with Associate Omar Morales and Jose Mota of Berkadia Miami, marketed the 0.9-acre parcel at 230 SW 2nd Avenue on behalf of Adler Development. Mill Creek Residential is entering the joint venture with Adler Development with plans to build “Modera Riverside,” a 428-home, 36-story high-rise at the nexus of three of Miami’s most dynamic neighborhoods: Downtown Miami, Brickell, and the Miami River District.

“This represents an amazing development opportunity in one of the fastest growing submarkets in the country,” said Turkell

When completed in 2024, Modera Riverside will offer best-in-class high-rise homes with exceptional access to employers, schools, and hospitals, and Miami International Airport. The property will offer residents over 40,000 square feet of indoor and outdoor amenity space with Class A finishes, including a resort-style rooftop pool deck, clubroom with expansive views, state-of-the-art fitness center, game room/media lounge, meditation garden and co-working space. The property offers exceptional visibility from and easy access to I-95, which offers quick connections to the Florida Turnpike, Dolphin Expressway, and I-395 to Miami Beach.

Represents the largest student housing refinancing in the Southeastern U.S. this year

Berkadia announces it has secured a $70.76 million bridge loan for UnionWest at Creative Village, a trophy 640-bed, mixed-use, high-rise student housing complex located in Downtown Orlando, Florida, serving the UCF/Valencia Downtown Campus. Managing Directors Michael Weinberg and Rebecca Van Reken, along with Associate Director Alec Fox of Berkadia Orlando, secured the financing on behalf of the sponsors: Development Ventures Group, Ustler Development and Halstatt Real Estate Partners.

Bank of America provided the loan which will be used to take out the existing construction loan, which Michael Weinberg arranged in 2017 in tandem with Halstatt Real Estate Partners’ equity investment in the project. The property is over 95 percent leased as of refinancing.

UnionWest at Creative Village was completed in 2019 in conjunction with the opening of the UCF/Valencia Downtown Campus with over 7,000 students.

“UnionWest is one of the most unique, mixed-use buildings in the country. It offers students and faculty a truly special experience in a dense, urban setting. The high level sponsorship and asset performance generated very competitive lender interest,” said Weinberg.

Located at 601 West Livingston Street, UnionWest at Creative Village is a 15-story high-rise representing purpose-built student housing offering four-bedroom floor plans with contemporary finishes, skyline views of Orlando, high-speed WiFi, extended cable TV, and other services. Community amenities include a resident-only Skydeck, study areas, kitchen and laundry services on each floor and the Downtown Campus recreation and wellness center. Both Valencia College and UCF lease education space in the property; Valencia leases 55,000 square feet including their new state-of-the-art Walt Disney World Center for Culinary Arts and Hospitality. UCF leases 46,910 square feet for its academic and student support services. UnionWest is an integral part of the UCF/Valencia Downtown Campus and is located across the street from the new 2.3 acre Luminary Green Park (opening in 2022).

UnionWest includes approximately 12,000 square-feet of ground floor commercial space leased to Subway, Dunkin’, Vera Asian, Qdoba and Addition Financial.  The UnionWest parking garage contains 602 spaces - approximately 300 spaces allocated for residents and the remaining 300 spaces available for public/daily parking.

Located within the Creative Village in Downtown Orlando, UnionWest is in the urban Innovation District that focuses on a live, work, learn and play lifestyle surrounded by higher education, mixed-income residential and student housing, office space, creative studios, hotels and parks. Electronic Arts Orlando Studio, with over 800 professionals, was recently completed at Creative Village.

This is the second high-profile financing that Berkadia’s Orlando-based mortgage banking team has executed in Downtown Orlando since the onset of the pandemic. In September of 2020, the team also secured a $72.9M construction take-out loan on behalf of Lincoln Property Company, Mason Capital Partners, and Pope & Land Enterprises for SunTrust Plaza at Church Street Station, a 209,000-square-foot trophy office tower.

Berkadia announces it has secured $25.25 million in financing for the acquisition of River Walk Savannah, a 220-unit apartment home community in Savannah, Georgia. Senior Managing Director Mitch Sinberg, Director of Operations Jared Hill and Associate Director Matt Robbins of Berkadia Boca Raton arranged the financing on behalf of the buyer, an affiliate of real estate private equity firm Vantage Point Acquisitions.

Bridge Investment Group originated the three-year, full-term interest-only loan with an aggressive floating rate and two one-year extension options. The loan includes $24.75 million in initial funding, with $500,000 in future funding for capital improvements.

“Rising home prices in Savannah, combined with population growth, continue to generate strong apartment demand in the metro area,” said Robbins. “River Walk Savannah offers the new owner considerable room to grow rents following renovations and upgrades.”

“River Walk Savannah represents an excellent opportunity for residents seeking quality affordable living in the Georgetown submarket,” said Andrew Cushman of Vantage Point Acquisitions.

Built in 1989 and located at 101 Saint George Boulevard, the River Walk Savannah offers one- and two-bedroom apartments ranging from 539 square feet to 1,000 square feet. Individual units feature hardwood floors, granite countertops, stainless steel appliances, an island kitchen, a fireplace, large bedrooms, vaulted ceilings, walk-in closets and in-unit washer and dryers. Community amenities include a pool, fitness center, clubhouse with Wi-Fi, laundry facilities, a car washing station, pickle ball courts and biking trails.

Located in Savannah’s South Side, River Walk Savannah is near the Coastal Georgia Botanical Gardens and 20 minutes away from the Hilton Head International airport.