Finance & Investment
Tampa Community Changes Hands for $97M
Brokers from Berkadia’s Tampa, Orlando and Jacksonville offices worked together in finding a buyer for The Cove Apartment Homes, a 689-unit garden-style property.
JV Secures $251M for NYC Condo Project
CB Developers, SK Development and Ironstate Development are constructing 646 11th Ave. in the Hell’s Kitchen neighborhood. When completed, the community will include 222 condos and 60 for-sale storage units.
Eyzenberg Facilitates $14M Loan for 2 AL Assets
Blue Magma Residential and Auerbach Opportunity Fund I purchased the 223-unit Hillside Village and the 152-unit Twickenham Village, both located in Huntsville.
Blaze, True North Acquire Charlotte Property
The 210-unit Galleria Village Apartments marks the partners’ second purchase in the Charlotte area. The community offers access to a swimming pool, a car-care center and a clubhouse.
Multifamily Community With 753 Units Trades in Indianapolis
Shamrock Communities sold The Cottages of Fall Creek to Pepper Pike Capital Partners. The new ownership will make a significant capital investment in the asset.
Affordable Dallas Property Lands Refi
The 240-unit community, constructed between 1968 and 1976, includes 202 income-restricted apartments. The owner purchased the property in late 2016.
What’s in Store for the Apartment Industry
While demand for multifamily housing remains strong, the sector faces a number of challenges, according to multifamily experts speaking at the National Association of Real Estate Editors annual real-estate journalism conference in Las Vegas.
Cornerstone Arranges $14M for MA Asset
Langley Terrace in Newton currently comprises three buildings and one two-family home, which will be leveled in order to construct a three-story apartment asset. Construction is scheduled for completion by June 2019.
Value-Add Virginia Beach Property Trades for $52M
Seminole Trail Properties has purchased Mariner’s Cove, a 458-unit garden-style community situated within walking distance of two shopping centers.
Tucson Community Gets $19M Refi
Berkadia Managing Director Ed Kim arranged the 10-year loan—which includes five years of interest-only payments at a 75 percent loan-to-value ratio—for the garden-style property.