Berkadia recently closed the sale of six multifamily properties across six states: Bowen Towers, Wilmington Apartments, Village Woods, Brickstone at Woodland, London Square and Central Pointe. Together, the properties include 945 total units in secondary and tertiary markets across Illinois, Kansas, Missouri, Oklahoma, Arkansas and Idaho.
The sale was led by Senior Managing Director Alex Blagojevich and Managing Director Michael Sullivan; members of Berkadia’s Mid-Markets Group, including Managing Director Ralph DePasquale, Senior Directors Patrick Jordan and Chris Bruzas, Directors Parker Stewart, Brett Meinzer and Chris Gentry and Associate Director Dominic Martinez, operating out of Berkadia’s Chicago, Illinois; Kansas City, Missouri; Memphis, Tennessee and Lexington, Kentucky offices.
The deal included $72.6 million in combined sales for the six properties and $38.4 million in combined financing for four of the properties.
The Berkadia team facilitated transactions for the following properties:
- Bowen Tower is located at 6140 Raytown Road in Raytown, an eastern suburb of Kansas City, Missouri. The Mid Markets Group completed the sale on behalf of the seller, California-based Canyon View Capital, after a very competitive bidding process with a double-digit number of formal tours. Managing Director John Schorgl secured the acquisition financing via Fannie Mae on behalf of the buyer, CGHS Realty Investments, LLC, also based in California. The 10-year loan features two years interest-only and a sub 3.50 percent interest rate.
The deal closed on May 4. Developed in 1962, the 91-unit, market-rate, 55 years of age and over-restricted high-rise property features studio, one- and two-bedroom floor plans.
- Wilmington Apartments is located at 617 Donovan Briley Blvd. in North Little Rock, Arkansas. The Mid Markets Group completed the sale on behalf of the seller, Canada-based Republic Funds. Managing Director Nathan Stone, Associate Director Brad Mason and Guy Griffith secured full-leverage acquisition financing on behalf of Graham Sowden, the Director of Acquisitions for Texas-based RREAF Holdings. The seven-year Fannie Mae loan features a sub 4.00 percent fixed interest rate, a 30-year amortization and flexible prepayment after three years. The deal closed on April 30.
Developed in 2002, the 120-unit garden-style multifamily property features two-, three- and four-bedroom floor plans. Community amenities include a fitness center, a swimming pool and a laundry facility.
3.Village Woods is located at 300 W 20th Ave. in Milan, Illinois. The Mid Markets Group completed the sale on behalf of the seller, Minnesota-based Dominium Inc. After a competitive bidding process with interest from over 75 local, regional and national investors, the property was ultimately sold to a highly qualified national investor. Senior Managing Director Pete Benedetto secured the financing for this property on behalf of the private buyer, Colorado-based Monarch Investment and Management Group. The deal closed on March 31.
First developed in 1998, with a major renovation in 2018, the 96-unit garden-style multifamily property features kitchen amenities like granite counters and a stainless steel appliance package, as well as community amenities such as a pool, a fully renovated clubhouse and a fitness center.
- Brickstone at Woodland is located at 2323 N Woodlawn Blvd. in Wichita, Kansas. The Mid Markets Group completed the sale on behalf of the seller, Nebraska-based Perry Reid Properties. The buyer was Missouri-based STRAQR Investment Funds, and the deal closed on April 29.
Developed in 1973, the 264-unit property was initially listed prior to markets shutting down due to the effects of COVID-19. There was an incredible amount of interest in this property, with buyers from 14 states submitting more than 20 written offers.
- London Square is located at 2217 E 59th St. S in Tulsa, Oklahoma. The Mid Markets Group completed the sale on behalf of the seller, Paul Forkeotes. Following a six-week marketing period, 14 written offers were submitted from buyers in 11 states, from which New York-based Wynmor Management was selected as the buyer. Despite dealing with the complete shutdown of the market, the buyer was able to secure the necessary financing and close the deal on May 6.
Developed in 1965, the 173-unit garden-style multifamily property features one- and two-bedroom floor plans. The property is conveniently located near the shops and restaurants along S Lewis Avenue.
- Central Pointe is located at 1334 N Liberty St. in Boise, Idaho. Senior Managing Director Kenny Dudunakis and Senior Directors David Sorensen and Ben Johnson of Berkadia’s Seattle office, along with members of the Mid Markets Team completed the sale on behalf of the seller, Colorado-based Monarch Investment and Management Group, and the buyer, an undisclosed entity. The deal closed on March 30.