SARASOTA, FLA. — Berkadia has arranged the sale of Reserve at Palmer Ranch, a 320-unit community located at 4100 Winners Circle in Sarasota. Built in 1990, Reserve at Palmer Ranch features two- and three-bedroom units, as well as a fitness studio, two pools, bark park, car care center and a courtyard with communal games. Strategic Holdings sold the asset to MLG Capital. Berkadia’s Jason Stanton, Cole Whitaker and David Etchison represented the seller in the deal. John Koeijmans of Berkadia’s Dallas office arranged financing on behalf of the buyer. The …
Berkadia Brokers $37.5 Million Acquisition Loan for Build-to-Rent Project in Port St. Lucie, Florida
PORT ST. LUCIE, FLA. — Berkadia has arranged a $37.5 million forward acquisition loan for Tavalo Tradition, a 216-unit build-to-rent development underway in Port St. Lucie. An investment vehicle managed by GTIS Partners purchased the townhome-style community from K. Hovnanian. Scott Wadler and Matt Nihan of Berkadia arranged the financing through an unnamed national bank on behalf of GTIS Partners, which will obtain the capital in draws. Tavalo Tradition will be situated within the 2,500-acre Tradition master-planned community. Units will come in two- and three-bedroom townhomes and average 1,387 to 1,494 …
BOZEMAN, MONT. — Berkadia has arranged $72.9 million in construction financing for the second phase of the existing 19th & Graf Apartment Homes in Bozeman. The second phase of the project will include 260 units in one-, two- and three-bedroom layouts. Amenities will include a clubhouse with a community room, fitness center, yoga studio, game room, resident lounge, business center, sports simulator and a pool with cabanas, outdoor grilling stations and lawn games. Construction on the entire project is set to be completed by September 2025. The general contractor is Dick …
ST. LOUIS — Berkadia has brokered the sale of Majestic Stove Lofts, a 120-unit community in St. Louis. Built in 2006 at 2017 Washington Ave., Majestic Stove Lofts was 96 percent occupied at the time of sale. Andrea Kendrick, Ken Aston and Bobby Mills of Berkadia represented the seller, St. Louis-based Regency Realty Co. LLC. A California-based buyer acquired the asset. The sales price was not disclosed.
LAGUNA NIGUEL, CALIF. — Berkadia Institutional Solutions has brokered the sale of Broadstone Cavora in Laguna Niguel. A California-based investor acquired the property for an undisclosed price. Derrek Ostrzyzek, Rachel Parsons and Tom Moran of Berkadia Irvine, Calif., represented the undisclosed seller in the deal. Broadstone Cavora offers 348 apartments with walk-in closets, private patios and in-unit washers and dryers. Amenities include a resident clubhouse, pool, fitness center, rooftop sun terrace, game room and leisure lawn.
ORLANDO AND FORT MYERS, FLA. — Berkadia has arranged $217 million in debt and equity financing for the recapitalization of a portfolio in Orlando and Fort Myers. Mitch Sinberg, Brad Williamson, Scott Wadler and Matthew Robbins of Berkadia South Florida arranged the financing on behalf of the borrower, a joint venture between JSB Capital Group and BLD Group. Freddie Mac provided a $185.4 million, fixed-rate loan with a 10-year term at a 60 percent loan-to-value. Related Fund Management provided $31.8 million in preferred equity. The portfolio comprises 1,139 units across …
PHOENIX — MIG Real Estate sold Bayside, a garden-style community in Phoenix, to ICG LLC for $46 million. Dan Cheyne, Mark Forrester, Ric Holway and Andrew Curtis of Berkadia Phoenix represented the seller. Jeff Stuart and John Runkle of Berkadia Seattle secured $27.7 million in acquisition financing from Freddie Mac on behalf of the buyer. Bayside offers 176 rental units in one- and two-bedroom layouts. Amenities include covered parking, a fitness center, a pool and picnic areas with barbeque grills.
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Single-Family Rental, Build-to-Rent Sector Increases Supply Volume, Attracts Institutional Capital
By Jeff Coles, Berkadia Over the last 15 years, even during the Great Recession, single-family rentals continued to deliver excellent returns through appreciation and rental income. As demand for the sector has increased significantly, driven by changing migration patterns, many investors are shifting their investment strategies to include single-family rental/build-to-rent homes (SFR/BTR), also referred to as built for rent (BFR) houses. Development and Interest in SFR/BTR Despite recessionary rumors, development is continuing, often undertaken by some of the leading developers in the for-sale single-family market. Also, institutional investors have shown …
RENO, NEV. — Berkadia brokered the sale of and secured financing for Westlook Resort Living, a 192-unit garden-style property in Reno. Jared Glover of Berkadia Las Vegas completed the sale on behalf of the seller. Clay Akiwenzie of Berkadia Incline Village secured the financing for the buyer. Westlook Resort Living offers one-, two- and three-bedroom floor plans. Community amenities include a clubhouse, a fitness center, bocce and cornhole courts, a pool and a dog park.
FORT LAUDERDALE, FLA. — Berkadia has arranged the $51.5 million refinancing of The Village at Eastpointe Apartments in Fort Lauderdale on behalf of R.O.I. Capital, a commercial real estate investment company based in Fort Lauderdale. Freddie Mac provided a $42.5 million, five-year, fixed-rate loan. The preferred equity provider, RCG Longview, contributed $8.96 million in equity to the deal. The 296-unit property was developed in 1974 and renovated in 2022. Units are offered in one- and two-bedroom floor plans ranging from 750 to 950 square feet. Amenities include a fitness center, …