WEST PALM BEACH, Fla. (October 28, 2021) — Berkadia Institutional Solutions today announced the sale of Windward at the Villages, The Royal St. George and Village Place, three multifamily assets with a combined 622 units located in West Palm Beach, Florida. Senior Managing Director Jaret Turkell along with Senior Managing Director Roberto Pesant, Associate Omar Morales and Senior Analyst Jose Mota of Berkadia Miami completed the $132.5 million sale on behalf of the seller, Massachusetts-based Northland Investment Corporation. The buyer was Pennsylvania-based Morgan Properties.

The deal was financed with a bridge loan secured by Director TJ Piper of Berkadia Philadelphia.  

“An unprecedented wave of corporate relocations to West Palm Beach in the last year, combined with a shortage of rental housing in Palm Beach County, has produced a very tight apartment market with strong rent growth drivers,” said Turkell. “As a result, investor appetite for well-located multifamily assets has been extremely strong and is projected to remain that way for the foreseeable future.”

Windward at the Villages is located at 1441 Brandywine Road. The 196-unit property features one- and two-bedroom floor plans with air conditioning, a private balcony and in-unit washers and dryers. Community amenities include a swimming pool, a fitness center, a tennis court and a playground.

The Royal St. George is a 224-unit property located at 1651 Brandywine Road. The property features one-, two- and three-bedroom floor plans with air conditioning, in-unit washers and dryers, walk-in closets and a private patio or balcony. Community amenities include a swimming pool, a fitness center, a picnic area and a dog park.

Village Place is located at 2111 Brandywine Road. The 202-unit property features one-, two- and three-bedroom floor plans with air conditioning, in-unit washers and dryers, walk-in closets and a private patio or balcony. Community amenities include a swimming pool, a hot tub, a fitness center and a picnic area.

The properties afford residents convenient access to Palm Beach International Airport, the Palm Beach Outlets, Interstate 95 and West Palm Beach.

DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of 1600 Glenarm Place, an iconic, mixed-use high-rise located on the 16th Street Mall in downtown Denver, Colorado.

The HFF team marketed the asset exclusively on behalf of the seller, a joint venture between RedPeak Properties and Allstate Investments, and procured the buyer, Northland Investment Corporation. The tower was purchased along with a 0.77-acre land parcel for future development located at 14th & Glenarm.

1600 Glenarm Place was originally constructed in 1967 as an office tower known as the Security Life Building and was subsequently converted in 2006 by RedPeak Properties into one of downtown Denver’s first and most prominent residential and retail mixed-use projects.  The building comprises 333 luxury apartment units and approximately 29,000 square feet of commercial space, including premium frontage along Denver’s 16th Street pedestrian mall.  The 31-story building has a WalkScore® of 96 and is within walking distance of nearly 40 million square feet of office space and two blocks of light rail access.  The residential units average approximately 980 square feet in a range of studio, one-bedroom, two-bedroom and penthouse layouts.  Resident amenities include an outdoor terrace with barbecue grills and fireplace, state-of-the-art fitness center with Fitness on Demand and a yoga/Pilates studio, demonstration kitchen, cyber lounge, conference room, movie theatre, game room, resident library and reading room, valet parking, 24-hour concierge service and door-to-door room service from Earl’s Restaurant on the property’s ground floor.  

The HFF investment advisory team representing the seller included managing director Jordan Robbins and directors Jeff Haag and Anna Stevens.

“1600 Glenarm is a one-of-a-kind, legacy asset within the downtown Denver market and by far one of the most recognizable assets in the area,” Robbins said.  “RedPeak was extremely forward-looking in 2006 with its conversion from office space into a mixed-use residential and retail building, which has allowed 1600 Glenarm to maintain its prominent image within the market since its completion.” 

“Northland recognized the irreplaceable nature of this asset, which marks their entry into the Denver market," Robbins continued.  “This, coupled with their ability to implement an aggressive value-add strategy, will only serve to further the property’s position within downtown.”