Berkadia has arranged the sale and financing of Carriage Hills Apartments, a 260-unit community in Pensacola, Fla. Michaelson Group, which also purchased a 104-unit Tampa Bay community for $10 million earlier this summer, acquired the property for $22 million in an off-market transaction from The Hallmark Cos. The acquisition involved a $16.5 million, 12-year fixed-rate loan, with six years of interest only at a 75 percent loan-to-value.
Cole Whitaker of Berkadia’s Orlando office and David Etchison of the Panhandle office represented the seller, while Mitch Sinberg and Matt Robbins of the company’s South Florida office, along with Bob Falese and Jeremy Lynch of the Philadelphia office, secured financing through Freddie Mac on behalf of the buyer.
Located at 2355 West Michigan Ave., Carriage Hills is within a 3-minute drive of Bellview Plaza. Completed in 1972, the one- and two-bedroom floorplans, along with the three-bedroom townhome-style units range from 700 to 1,600 square feet. Common-area amenities include a pool with outdoor grill, fire pit, playground, dog park, three laundry facilities, fitness center, business center and covered parking. Rents are between $800 and $1,250.
“Hallmark Cos. increased revenue during its ownership through a capital enhancement program on both the interior and exterior of Carriage Hills. Michaelson Group has plenty of upside remaining through the continuation of Hallmark’s interior upgrade program,” Whitaker said, in a prepared statement.
Image courtesy of Yardi Matrix
If you’d like to be featured in Brokers’ Corner, send your deal to [email protected].