Berkadia has arranged a $33.8 million Freddie Mac loan for the purchase of Sycamore Farms Apartments, a 398-unit community in Oklahoma City. Senior Managing Director Mitch Sinberg, Associate Director Matthew Robbins and Senior Analyst Abigail Beauchamp worked on behalf of the borrower, a joint venture between GMF Capital and Vesta Capital. The 10-year, fixed-rate loan has five years of interest-only payments.
According to Yardi Matrix data, the seller was Olympus Property, which had purchased the Class B asset for $20.7 million from Management Solutions in 2009. With this transaction, Olympus exits the Oklahoma City market.
Built in 1998 on almost 25 acres, the 20-building community at 14900 N. Pennsylvania Ave. offers one- to three-bedroom apartments ranging from 692 to 1,442 square feet. Amenities include two swimming pools, a fitness center, a business center and a dog park. Yardi Matrix data shows the property was 93.7 percent occupied as of January.
The property is some 14 miles north of downtown Oklahoma City and less than a mile north of John Kilpatrick Turnpike. Several dining, shopping and entertainment venues are within a 2-mile radius, including the 1,1 million-square-foot Quail Springs Mall. Less than 10 miles south of the property is a 325-unit community Hines is developing in partnership with Humphreys Capital.