ST. LOUIS — Berkadia has brokered the sale of Crossing at Northpointe, a 334-unit property in St. Louis. Utah-based Sundance Bay sold the asset to a New Jersey-based buyer for an undisclosed price. Andrea Kendrick, Ken Aston and Bobby Mills of Berkadia represented the seller in the deal. Crossing at Northpointe was constructed in 1972 and renovated in 2021. The community was 94 percent occupied at the time of sale.
KINGWOOD, TEXAS — Berkadia has arranged the sale of Woodland Hills Village, a 260-unit property located 30 minutes north of Houston in Kingwood. Kyle Whitney, Chris Young, Joey Rippel, Jeffrey Skipworth and Chris Curry of Berkadia Houston completed the sale on behalf of the seller, Colorado-based Interurban Cos. The buyer was a Dallas-based value-add firm. Woodland Hills Village is located at 2139 Lake Hills Drive. The community offers one-, two- and three-bedroom units with walk-in closets and patios or balconies. Amenities include a pool, fitness center, laundry facilities, covered parking and …
Along with Dallas and Houston, San Antonio is one of three powerhouse multifamily markets that make up the Texas Triangle. Multifamily & Affordable Housing Business asked Mike Miller, managing director for Berkadia San Antonio, for his take on the metro area’s investment and development trends. MAHB: On the map, how does Berkadia define the San Antonio multifamily market? Miller: Our team defines and services San Antonio proper as well as Boerne and New Braunfels, additionally, we cover the remainder of South Texas. MAHB: Berkadia’s latest report card has deliveries as 7,895 units …
URBANA, ILL. — Berkadia has brokered the sale of Town & Country, a 662-unit property in Urbana. MF Capital purchased the asset from Monarch Investment and Management Group for $38 million. Town & Country was built in phases between 1970 and 2007 and is located at 1032 E. Kerr Avenue. The garden-style community was 98 percent occupied at the time of sale. The transaction also included an adjacent 52-unit self-storage facility.
Multifamily & Affordable Housing Business sat down with Roberto Pesant, senior managing director of investment sales with Berkadia’s Miami office, to discuss the demand for luxury communities in Miami — from both renters and investors. MAHB: The latest Berkadia report forecasts that average effective rent will be $2,569 by the fourth quarter of this year. Is the market overbuilt toward Class A/luxury properties, and if so, who’s renting these pricey units? Roberto Pesant: Demand for the urban, luxury product is coming from a number of sources. Some part of it comes …
ORLANDO, FLA. — Berkadia has secured $118.5 million in financing for the construction of 52 at Park, an affordable housing development in Orlando. The financing includes a $73.5 million construction loan, as well as $45 million in Low-Income Housing Tax Credit equity. Chris McGraw and Tim Leonhard of Berkadia arranged the financing on behalf of the borrower, Lincoln Avenue Communities. 52 at Park will comprise 300 units across eight buildings. Units will come in one-, two-, three- and four-bedroom layouts. Planned amenities include a business center, clubhouse, fitness center, pool, laundry …
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Heightened Demand for Affordable Rental Housing Sets Tone for 2024 Investment Opportunities
Multifamily & Affordable Housing Business sat down with Marge Novak, senior vice president and head of Capital Markets at Berkadia, for a question-and-answer discussion about the current state of the affordable housing market and the challenges likely to influence 2024. Multifamily & Affordable Housing Business: How is the affordable housing market faring in the current economic conditions? Novak: With increased inflation and interest rates, home prices hit all-time highs, making them less affordable than at the height of the 2006 housing bubble. While buyers waited for prices to fall, sellers …
UNIVERSITY PLACE, WASH. — Berkadia has negotiated $21.5 million in financing for the purchase of The Duo Apartments, a 104-unit complex in the Tacoma, Washington suburb of University Place. The Duo Apartments offers studio, one- and two-bedroom floor plans ranging from 472 square feet to 989 square feet in size. Amenities include a recreation room, fitness center, outdoor patio/barbecue area, off-street parking and for-rent garages. Bayview provided the $21.5 million, five-year, fixed-rate loan with flexible prepayment terms. Michael Manolides and Robert Doxsee of Berkadia Seattle, along with Michael Basinski and Brad …
RICHMOND, VA. — Berkadia has brokered the sale of Belmont Hills, a 651-unit community located at 4037 Lamplighter Drive in Richmond. Belmont Hills features one-, two- and three-bedroom units. Amenities include a pool, dog park, fitness center, clubhouse and a business center. A joint venture led by Levco Management acquired the property from Weinstein Properties for an undisclosed price. Carter Wood, Drew White and Cole Carns of Berkadia represented the seller in the deal. Patrick McGlohn, Brian Gould, Miles Drinkwalter and Hunter Wood of Berkadia also secured Freddie Mac financing …
CHICAGO — Berkadia Institutional Solutions has brokered the sale of Mondial River West, a 141-unit property in Chicago’s River West neighborhood. Pete Evans of Berkadia Chicago and Richard Evans of Berkadia Milwaukee represented the seller, an institutional investor, in the deal. The buyer was a Chicago-based company. Mondial River West was built in 2009 and rises 15 stories. The building is located at 910 West Huron Street and is in proximity to downtown Chicago’s core employment hubs, including Fulton Market, West Loop, Loop, River North and Goose Island.