Berkadia closes sale of apartment communities in Iowa, Indiana

Berkadia closed the sales of The Landing of Clinton in Clinton, Iowa, and Indian Springs in South Bend, Indiana, two multifamily properties totaling 758 units.

Berkadia’s Mid Markets Group, including Senior Managing Director Alex Blagojevich, Managing Directors Michael Sullivan and Ralph DePasquale, Senior Director Chris Bruzas and Director Parker Stewart completed the two sales on behalf of their respective sellers.

The Landing of Clinton’s seller was Iowa-based Beaver Builders Inc. The buyer was Haverkamp Properties, Inc., also based in Iowa. The property is located at 2582 Friendship Trail in Clinton, and includes 190 units of one-, two- and three-bedroom floor plans with vaulted ceilings, granite countertops, air conditioning and in-unit washers and dryers.

Community amenities include a swimming pool with private cabanas, a clubhouse, a playground, an outdoor area with grilling stations and a dog park. The deal closed on June 1.

Indian Springs’ seller was a private operator based in Connecticut. Senior Managing Director Peter Benedetto of Berkadia’s Detroit office secured $28.48 million in financing for the acquisition of the property on behalf of the buyer, Colorado-based Monarch Investment and Management Group.

Indian Springs is located at 2609 Bow Court in South Bend, Indiana. The property features 568 units of one-, two- and three-bedroom floor plans with large closets and central air conditioning. Community amenities include a fitness center, a swimming pool and a playground. Residents are afforded convenient access to Interstate 80, the University of Notre Dame and the shops and restaurants along Portage Avenue. The deal closed on June 10.