Berkadia Arranges Sale of 228-Unit Wyoming Community
- Jun 11, 2020
Berkadia has brokered the sale of Granite 550, a 228-unit garden-style property in Casper, Wyo. According to Natrona County records, Echelon Property Group sold the asset to Olympus Property.
Senior Directors John Laratta and Nick Steele represented the seller, while Senior Managing Director Tucker Knight secured a $26 million acquisition loan on behalf of the buyer. The 10-year Freddie Mac financing features a 3.3 percent interest rate and a 30-year amortization period. In January, Laratta and Steele facilitated the sale of a 506-bed student housing property in Colorado Springs, Colo. The asset traded for $34 million.
Located at 550 Granite Peak Drive, Granite 550 comprises one- to three-bedroom apartments, with washer/dryer units and patios/balconies. Common-area amenities include a fitness center, grilling stations and a dog park.
The community is just off Interstate 25. The surrounding area has several retail and dining options including Eastridge Mall, which is 2 miles from the property. The asset is also within walking distance of Wyoming Medical Center East Campus and Summit Medical Center.