TODAY’S DEALS: Bruckal Buys 436 Units in Phoenix

Phoenix—Bruckal Developments Inc. has purchased a 436-unit Class B community in Phoenix with plans for a major renovation. Known as Carleton Club Apartments, the 1983-built asset is located at 17425 N. 19th Ave.

Colliers’ Cooke Multifamily Investments team represented the seller in the $22.3 million transaction.

“We overcame the challenge of a submarket in the beginning stages of recovery by personally contacting our key relationships and using our extensive databases to strategically seek investors who typically look for value-add properties in recovering markets,” Cindy Cooke says.

Berkshire Group acquires Class A apartments near Boston

Watertown, Mass.—Real estate investment management firm Berkshire Group has expanded its Boston-area holdings with the acquisition of Riverbend on the Charles. The 170-unit Class A community is located near Boston. The property was acquired from a joint venture partnership of AEW Capital Management and Criterion Development Partners. The sales price was not disclosed.

“Berkshire’s strategy focuses on acquisitions in markets with favorable expected growth prospects and strong underlying fundamentals, as well as close proximity to major employers,” says David Olney, partner and CIO of Berkshire Group. “The Boston metropolitan area is a region of interest to us since it has one of the nation’s strongest, most-diversified economies and barriers to entry for new development. Riverbend on the Charles allows further penetration into the area, and we expect the apartment community to garner excellent rental demand as residents move into Watertown to maintain proximity to Boston.”

Riverbend on the Charles was completed in 2014. The asset is comprised of two buildings with studio, one- and two-bedroom units. Amentiies include a club room fitness center and pool deck.

Berkadia secures $20.3M for property in Austin 

Austin, Texas—The Austin office of Berkadia Commercial Mortgage LLC (Berkadia) recently originated $20.3 million in financing for a multifamily property located in Austin, Texas. Senior Vice President Andy Hill worked with borrower Atlantic Pacific Companies to arrange the seven-year, fixed-rate loan through Berkadia’s Freddie Mac program.

The borrower will use the loan for the refinancing of Atlantic Grand Oaks, a 240-unit property located 10 miles southwest of downtown Austin. Loan terms include a sub-4 percent interest rate and a 30-year amortization schedule.

“Austin’s economy continues to surge and as such, it remains a key target market for multifamily investments,” says Hill. “Our team’s deep bench of industry expertise and resources allowed us to secure competitive loan terms necessary for our client to complete this transaction.”

Located at 9323 Manchaca Road in Austin, Atlantic Grand Oaks consists of studio, one-, two- and three-bedroom layouts. Amenities include a pool, volley ball and basketball courts, playground and fitness center.