Berkadia Closes Sale of 6 Properties for $72M

Bowen Tower. Image courtesy of Berkadia

The Mid-Markets Group of Berkadia has completed the sale of six apartment communities totaling 945 units, situated in secondary and tertiary markets across six states for $72 million. Last week, Berkadia arranged the sale of a South Texas apartment community.

The apartment communities are Bowen Tower in Raytown, Mo.; Wilmington Apartments in North Little Rock, Ark.; Village Woods in Milan, Ill.; Brickstone at Woodlawn in Wichita, Kan.; London Square in Tulsa, Okla.; and Central Pointe in Boise, Idaho.

Property breakdown

Bowen Tower

The property is situated at 6140 Raytown Road in Kansas City’s eastern suburb of Raytown. The nearly 60-year-old, 91-unit market-rate property features studio through two-bedroom floorplans. The Mid-Markets Group completed the sale on behalf of seller Canyon View Capital, and secured acquisition financing via Fannie Mae on behalf of buyer CGHS Realty Investments LLC. The 10-year loan includes two years of interest only and a sub 3.5 percent interest rate.

Wilmington Apartments

Located at 617 Donovan Briley Blvd. in North Little Rock, the 18-year-old, 120-unit garden-style property includes two-, three- and four-bedroom floorplans. The Mid-Markets Group completed the sale on behalf of seller Republic Funds, securing full-leverage acquisition financing on behalf of Graham Sowden. The seven-year Fannie Mae loan features a sub-4 percent fixed interest rate, 30-year amortization and flexible prepayment after three years.

Village Woods

With an address at 300 W. 20^th Ave. in Milan, Ill., the 96-unit garden-style Village Woods was developed in 1998 and underwent a substantial renovation in 2018. The Mid-Market Group completed the sale on behalf of seller Dominium Inc., and secured financing for the property on behalf of private buyer Monarch Investment and Management Group.

Brickstone at Woodland

Situated at 2323 N. Woodlawn Blvd. in Wichita, the 264-unit property was developed in 1973. The Mid-Markets Group completed the sale on behalf of seller Perry Reid Properties. The buyer was STRAQR Investment Funds.

London Square

Located at 2217 E. 59^th St. S in Tulsa, the 55-year-old, 173-unit garden-style apartment community offers one- and two-bedroom residences. The Mid-Markets Group completed the sale on behalf of seller Paul Forkeotes. The buyer was Wynmor Management.

Central Pointe

The property, featuring one- through three-bedroom apartments, is located at 1334 N. Liberty St. in Boise. The Mid-Markets Group and members of Berkadia’s Seattle office completed the sale on behalf of seller Monarch Investment and Management Group, as well as the undisclosed buyer.