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5/17/2013 - Call For Offers May 23rd for Foxwood in Fresno, CA, Listed by Hendricks-Berkadia for $23.1M
Hendricks-Berkadia is pleased to announce the exclusive listing of Foxwood, located at 6655 North Fresno Street in Fresno, CA. The asking price for the 272-unit apartment community is $23,100,000. The seller has engaged Dean Zander of Hendricks-Berkadia's West Los Angeles office, Vince Norris of Hendricks-Berkadia's Los Angeles North office and Robin C. Kane and Gordon J. Larkin of Hendricks-Berkadia's Fresno office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
5/17/2013 - Is Infill Tapped Out?
In the days, months and even years following the Great Recession and the financial aftermath, it seemed as though multifamily was the rising star of commercial real estate. The coming-of-age of Echo Boomers, combined with disillusionment with home ownership, caused a good chunk of the population to flee to rentals. Added to the issue was constrained supply from lack of construction. The result was a commercial real estate sector at which investors eagerly threw money and bid against one another for ownership rights.
However, the multifamily assets over which investors fought was primarily infill, core product-projects and developments located in central business districts or bustling urban submarkets. Even as developers started ramping up again and bringing units on line to meet the apparently insatiable demand, "coming out of the recession, the only areas in which we saw new development were those core, infill locations," comments M. Patrick Carroll, founder and CEO of the Carroll Organization in Atlanta.
"We hadn't really seen a whole lot of building over the past four or five years," adds Terry Gwin, president of Dallas-based SWBC Real Estate LLC, a company that develops multifamily properties nationwide while investing in apartment complexes in areas ranging from infill to suburban. "But what has been built has been urban infill, the downtown type of product."
The popularity of infill, urban areas boils down to a handful of reasons. Tenant demand seemed to focus on those urban locations, meaning less risk for the investors and builders. "Investors assume it's safer to be in a core location," observes Carroll, whose company's M.O. is geared toward value-add multifamily investments within the southern tier of the US. "Because of that, if someone was interested in investing, they'd invest in those core locations."
Peter Muoio, senior principal with Maximus Advisors and Auction.com Research, also points out that the investment/builder focus on urban areas continues strong, especially in the so-called "gateway" cities on the coasts.
In recent months, AMLI Residential received approval to build its 334-unit AMLI Uptown Orange in Orange, CA, on the site of an existing DoubleTree Hotel parking lot. Further north in California, Avant Housing LLC, a joint venture between AGI Capital Group, TMG Partners and CalPERS, with Essex Property Trust and BRIDGE Housing, is working toward building a 563-unit urban-infill apartment development on Transbay Block 9, located in San Francisco.
Meanwhile, in Pittsburgh, the 388-unit Washington Plaza Apartments changed ownership (Faros Properties bought it). Deep in the heart of Texas-more specifically, in Houston-Behringer Harvard and Trammel Crow Co. recently launched construction of a 270-unit project known as the Muse Museum District on a two-acre site within the city's Museum District. The Marquette Cos. began going north on the 223-unit Catalyst in Chicago's West Loop submarket. Finally, the California Public Employees' Retirement System acquired the 136-unit Aldyn on Riverside Boulevard and the 209-unit Ashley on 63rd Street, both in New York City.
The above activities are only the tip of the iceberg when it comes to multifamily investment and development-and all of what was mentioned are infill projects. But things are starting to change when it comes to infill, at least in some geographic markets. "Earlier in the building cycle, everything was mostly infill, mostly urban core. But that core has started to spread. At some point, it had to. There are only so many places to build," comments Ron Johnsey, president of Dallas-based apartment research company AXIOMetrics Inc.
And on the investment side, at least in the New Jersey area, Kenneth Uranowitz, president of Gebroe-Hammer Associates, points out that both infill and suburban product is getting a lot of attention from investors. "There's such a dearth of inventory, it's making even the secondary and tertiary markets, and the value-add plays, even more attractive," Uranowitz says.
There are a few reasons for the shift to suburbia and secondary and tertiary markets. Gwin says that, from a development standpoint, urban infill has become expensive to build. Land, which is skyrocketing in price seemingly everywhere, seems to be more expensive downtown rather than in the suburbs. And Uranowitz points out that infill properties are known for their high barriers to entry, which also boosts their price per pound. "We just sold a property in South Orange, NJ called the Avenue. It's adjacent to the Midtown Direct train," he says. That property sold for more than $400,000 per unit, which set a record for New Jersey multifamily sales. And investors are seeing cap rates compress on those infills as well. "When those high-barrier-to-entry buildings come to market, they're in the sub-5% cap rate, or even lower."
The same seems to be trending on the West Coast. Dean Zander, senior partner with Hendricks-Berkadia's West Los Angeles office, says that the most aggressive money is chasing the infill locations, particularly in Los Angeles and Orange County. "Infill is the number-one choice," he says. But much like Uranowitz and Gwin have pointed out, Zander says the secondary and suburban markets are definitely on the radar screen, mainly because there isn't enough supply to meet investors' hunger for infill product. Just as importantly, "a lot of investors are starting to get priced out of those coastal markets."
Developers are also finding that there is a finite market to which that infill product can be targeted. Many of the urban units coming on line are geared toward the high-end, younger, more affluent investor who has a lot of money to burn. But the overall renter profile may not fit that mold.
"When you build all-urban, you're delivering the property at the top of the market, whereas when you develop product in the suburbs, you can spread the price points around," explains Jay Denton, vice president of research with Axiometrics Inc. In Dallas' Uptown market, for example, rents can top $1,400 a month for a one-bedroom unit. In suburban Plano, TX, however, a renter could find a two-bedroom apartment for $1,100 a month. As such, "a developer can get more people who can afford that rent," Denton observes. "That's one reason they're going out there."
Another driver is that rents are starting to justify the costs of investments and development in the suburban and smaller market product. Gwin, whose company invests a great deal in Texas, points out jobs are increasing, not just within the CBDs, but in secondary and suburban markets as well. "We're not seeing jobs just in Dallas' CBD," he says. "We're seeing them in Frisco, TX and Alliance (in far north Fort Worth) as well."
Hendricks-Berkadia partner Vince Norris, who operates out of the company's Woodland Hills, CA office, agrees with the assessment, pointing out that with jobs and, therefore, employees moving to suburbia, there is less incentive for renters to move downtown. "Those who live in suburbia now, rather than the core central locations, won't relocate or even travel to downtown unless they absolutely have to," he says.
Job creation certainly fuels multifamily demand, but Maximus Advisors' Muoio says there is much more to it these days. He explains that, in the immediate aftermath of the financial meltdown, a distaste for homeownership tended to drive occupancy rates among multifamily housing. But beginning in 2012, that changed.
"What's happening is that we've started to see household formation rates, which were severely depressed, begin to pop above cyclical demand levels," Muoio explains. In other words, what's been happening is that younger adults are leaving their parents' houses and looking for their own nests to feather. Roommates are starting to split up and increased immigration is also feeding demand. Though household formation has allegedly been recovering since the end of the recession in 2009, "it wasn't until late 2011 that we really started seeing it take effect among single family and multifamily," Muoio comments. This is why trends have been pointing to increased demand for, and acquisitions of, single-family homes. Furthermore, in certain parts of the country, more single-family permits are being pulled as the taint of home ownership appears to wane.
But no one is anticipating a flight to single-family ownership. For one thing, the borrowing qualifications for ownership continue to be quite stringent. And, Zander points out, as single-family homes prices continue to accelerate, they'll likely price would-be homebuyers out of the market. "It's hard for first-time buyers to move out of their apartments to buy a home," he says. "So they're remaining renters for longer periods."
All of this supports the continued trend toward renter demand for multifamily. But even with this demand, effective rent growth, especially among infill multifamily has, surprisingly, slowed. It hasn't gone negative by any stretch of the imagination, but the slowdown is apparent.
Johnsey notes that even in infill areas in which land is still available, slower rent growth overall for class A properties means more difficulty in financing new infill developments. "Some of our clients are looking for opportunities in suburban areas because of it," he observes.
But why, if there continues to be demand for multifamily, has effective rent growth slowed? Denton points out that class A product, especially in certain geographic infill areas, is starting to be impacted by oversupply. This, in turn, means that owners of existing properties are likely to depress rental rates to boost absorption. As such, "urban core developers are starting to lower rental rates to maintain their absorption rates," he says. "The good news is, they're filling up." But infill may not be quite as compelling if rents are lower. Though Zander Norris on the West Coast and Uranowitz on the East Coast note that pushing rents hasn't resulted in much occupancy decline, Denton says core infill product is starting to feel the heat. "We suspect the urban core markets will get softer, with more rent growth in the class B and C categories, and suburbs as well," Denton adds.
We're also in a period in which there just isn't all that much infill product available any more. "You have to remember that when product is acquired, it's acquired as somewhat of a long-term investment," explains Gwin of SWBC. "Once that apartment complex is bought, it might not come back on the market for five years or longer." As investors were coming back to the market in 2010 and 2011, it was that core, infill product they were seeking out."
The flight to quality among investors coming out of the recession meant core buys, Carroll observes. Infill was considered safer and less risky, as this seemed to be where much of the renter demand was centered. But the economy is recovering and job growth isn't taking place simply in the CBDs. As such, "as the recovery carries on, investors are becoming more confident and will invest in what they perceive as riskier," he says.
Furthermore, Gwin points out, there is only a finite amount of zoned, developable land among the infill areas. "Most of the low-hanging fruit is gone," he says. "These days, you have to look harder and work harder to build in the infill areas. You have to tear something down or rezone it." For example, the above-mentioned Muse Museum District in Houston is being built on Richmond Avenue on what was once the site of a 1960s multifamily complex.
In short and for now, infill is still strong and, despite cap rate and yield compression, is a preferable investment. Yet the experts point out that suburban, secondary and tertiary markets are coming into their own.
"I definitely think infill is still the darling of investors," Hendricks-Berkadia's Norris remarks. "But as the market continues to heat up and as developers or yield constraints come into play, those infill locations are going to be less and less desirable. Suburbia will come into its own because price points of the product there will be more advantageous." [GlobeSt]
5/16/2013 - South Blvd in Las Vegas, NV Listed by Hendricks-Berkadia, Call For Offers 5/17
Hendricks-Berkadia is pleased to announce the exclusive listing of South Blvd, a 320-unit apartment community, located at 10200 Giles Street in Las Vegas, NV. The seller has engaged Carl Sims, Angela Powers-Armstrong and Nick Ingle of Hendricks-Berkadia's Las Vegas office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
5/15/2013 - Berkadia, the Servicer's Servicer, Wins $75 Billion Servicing Assignment
Signs on as Subservicer as Major Servicing Portfolio Changes Hands
HORSHAM, PA. - As a result of the recent announcement that KeyBank Real Estate Capital has agreed to purchase certain commercial servicing rights from Bank of America, Berkadia Commercial Mortgage LLC (Berkadia) has agreed to subservice the portfolio, making it the largest Fee-for-Services provider in the industry. Approximately $75 billion will be added to Berkadia's existing servicing portfolio.
Part of the transaction also includes the intended sale of Berkadia's special servicing business to KeyBank, which when combined with Bank of America's portfolio, will bring KeyBank's specially serviced portfolio to $47 billion. "This was a large, complicated transaction that couldn't have been completed without the hard work and cooperation of KeyBank and our team," said Mark McCool, executive vice president and head of servicing at Berkadia. "Berkadia prides itself on being able to offer a comprehensive menu of services that support all commercial real estate products and market sectors. Through this agreement, we continue to show our propensity for being the 'Servicer's Servicer,' providing high quality third-party loan servicing to institutional lenders and allowing them to outsource all or part of their commercial loan servicing needs."
"We continue to offer our servicing customers a compelling combination of service and value, while allowing them to manage their expenses and the relationships with their borrowers," said Hugh Frater, chief executive officer of Berkadia.
In April 2012, KeyBank entered an arrangement with Berkadia and transferred subservicing rights of close to $40 billion in securitized commercial mortgages and in return, Berkadia transferred deposits related to FHA mortgages and services to KeyBank.
"Since we've worked with KeyBank in the past, there was definitely a high level of comfort and trust when negotiating this newest transaction," said McCool. "We know that this move is beneficial for both companies and we look forward to more opportunities to expand our business and grow our portfolio."
About Berkadia:
Berkadia Commercial Mortgage LLC, one of the most prominent lenders in the commercial real estate industry, is a highly rated master, primary and special servicer managing a portfolio of more than $195.6 billion as of March 31, 2013. As a correspondent for insurance companies and other institutional lenders and a leading approved lender for Fannie Mae, Freddie Mac and HUD/FHA, Berkadia offers clients access to capital for the acquisition, construction, rehabilitation or refinance of commercial real estate properties. Through the acquisition of Hendricks & Partners, Berkadia now adds multi-family advisory services and investment sales to its capabilities. [heraldonline.com]
5/14/2013 - Bid Deadline of 6/07 for Hendricks-Berkadia-Listed Aventerra at Dobson Ranch in Mesa, AZ
Hendricks-Berkadia is pleased to announce the exclusive listing of Aventerra at Dobson Ranch, a 576-unit apartment community, located at 1960 West Keating Avenue in Mesa, AZ. The seller has engaged Mark Forrester and Ric Holway of Hendricks-Berkadia's Phoenix office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
5/13/2013 - NMS @ Warner Center in Canoga Park, CA Listed by Hendricks-Berkadia for $18.57M
Hendricks-Berkadia is pleased to announce the exclusive listing of NMS @ Warner Center, located at 21021 Vanowen Street in Canoga Park, CA. The asking price for the 81-unit apartment community is $18,570,000. The seller has engaged Dean Zander of Hendricks-Berkadia's West Los Angeles office and Vince Norris of Hendricks-Berkadia's Los Angeles North office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
5/10/2013 - Hendricks-Berkadia Lists Unpriced Asset in Monroe, MI
Hendricks-Berkadia is pleased to announce the exclusive listing of Hidden Trail, a 215-unit apartment community, located at 1513 Stewart Road in Monroe, MI. The seller has engaged Rick L. Vidrio and Rick Brace of Hendricks-Berkadia's Michigan office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
5/09/2013 - Coronado apartment complex sold to Texas investor
An investor hailing from the Lone Star State has closed on the purchase of an apartment complex in San Antonio previously owned by a firm from the Sunshine State.
The San Antonio office of Hendricks-Berkadia brokered the sale of Coronado. The 178-unit community is located at 9525 Lorene Lane in North Central San Antonio. The complex was built in 1970.
LB-RPR | Asset Holdings LLC out of Miami, Fla., was the seller. The buyer was a private, Texas-based investor, Hendricks-Berkadia states.
The transaction was negotiated by Will Caruth, Mike Miller and Chris Ross of the local Hendricks-Berkadia office.
Previously known as Hendricks & Partners, the multifamily investment sales and research firm was acquired by Berkadia Commercial Mortgage LLC of this past January. The firm was rebranded as Hendricks-Berkadia. [San Antonio Business Journal]
5/08/2013 - Ashler Oaks On the Market with Hendricks-Berkadia's San Antonio Office for $5.25M
Hendricks-Berkadia is pleased to announce the exclusive listing of Ashler Oaks, located at 4100 Parkdale Drive in San Antonio, TX. The asking price for the 150-unit apartment community is $5,250,000. The seller has engaged Mike Miller, Chris Ross and Will Caruth of Hendricks-Berkadia's San Antonio office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
5/07/2013 - Hendricks-Berkadia's Seattle Office Lists Senior Housing Community for $9.02M
Hendricks-Berkadia is pleased to announce the exclusive listing of Remington Place, located at 3025 NE 137th Street in Seattle, WA. The asking price for the 61-unit apartment community is $9,020,000. The seller has engaged Tim Ufkes of Hendricks-Berkadia's Seattle office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
5/07/2013 - Bellagio apartments in Scottsdale sell for $26 million
A Vancouver, Wash.-based multifamily investor recently handed over $25.75 million to acquire the 202-unit Bellagio apartment complex in north Scottsdale, according to a statement this week from Xceligent Inc.
Holland Partners inked the deal through a $19.5 million loan financed through a group affiliated with Phoenix-based Hendricks-Berkadia, which was formerly known as Hendricks & Partners until it was acquired in late December by the Warren Buffett-backed Berkadia Commercial Mortgage LLC.
The Bellagio, located at the southeast corner of Bell Road and 56th Street, marks the seventh community in metro Phoenix for Holland Partners, including three in Tempe, two in Scottsdale and one each in Phoenix and Mesa, the statement said. Holland Partners' portfolio is also comprised of properties in California, Oregon and Washington, and the firm leases and manages its own assets, the statement said.
The seller was an entity controlled by Equity Residential Trust, which has roughly 440 apartment projects throughout 13 states. Xceligent said the Bellagio is among roughly 17 Phoenix-area apartment complexes that Equity Residential has sold since late 2012.
"It is believed Equity Residential has elected to dispose of non-core assets, allowing them to focus their energy and resources on acquisitions in other areas of the country, including a stake in acquiring the assets and liabilities of the former Denver-based Archstone Enterprises LP," the statement said. [Phoenix Business Journal]
5/06/2013 - WeHo 72 in West Hollywood, CA On the Trading Block with Hendricks-Berkadia for $30.65M
Hendricks-Berkadia is pleased to announce the exclusive listing of WeHo 72, located at 884 & 939 Palm Avenue in West Hollywood, CA. The asking price for the 72-unit apartment community is $30,650,000. The seller has engaged Dean Zander of Hendricks-Berkadia's West Los Angeles office and Vince Norris of Hendricks-Berkadia's Los Angeles North office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
5/03/2013 - Krug of Hendricks-Berkadia's Michigan Office Presents Westbrook in Kokomo, IN for $5.5M
Hendricks-Berkadia is pleased to announce the exclusive listing of Westbrook, located at 3334 South Dixon Lane in Kokomo, IN. The asking price for the 144-unit apartment community is $5,500,000. The seller has engaged Jason Krug of Hendricks-Berkadia's Michigan office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
5/02/2013 - Unpriced Class "A" Opportunity in San Antonio, TX Listed by Hendricks-Berkadia
Hendricks-Berkadia is pleased to announce the exclusive listing of Villages at Lost Creek, a 260-unit apartment community, located at 15302 Judson Road in San Antonio, TX. The seller has engaged Mike Miller, Chris Ross and Will Caruth of Hendricks-Berkadia's San Antonio office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
5/01/2013 - Philly firm buys Hoover's Autumn Wood Apartments
One of Hoover's largest multifamily complexes, the 206-unit Autumn Wood Apartments, has traded hands, according to a release today.
RRE Autumn Wood Holdings LLC, which public records show is Philadelphia-based Resource Real Estate, bought the complex at 1000 Autumn Wood Dr. for $8.5 million, according to the local office of brokerage firm Hendricks-Berkadia.
The 180,400-square-foot complex, which is just southwest of the intersection of Interstates 65 and 459, was one of the Alabama assets owned by troubled real estate firm Collins Group LLC.
Collins owned the selling entity, 1000 Autumnwood LLC, in a joint venture with another New York-based real company, public records show.
David Oakley, senior vice president of Hendricks-Berkadia's Birmingham office, represented the buyer. Tom Hinton of Hinton Investments represented the seller. [Birmingham Business Journal]
4/30/2013 - Emerald Vista in Vista, CA Listed by Hendricks-Berkadia's San Diego Office for $8.5M
Hendricks-Berkadia is pleased to announce the exclusive listing of Emerald Vista, located at 246 North Emerald Drive in Vista, CA. The asking price for the 49-unit apartment community is $8,500,000. The seller has engaged David Andrews of Hendricks-Berkadia's San Diego office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
4/29/2013 - Cordaro of Hendricks-Berkadia Lists Village of Juban Lakes in Denham Springs, LA
Hendricks-Berkadia is pleased to announce the exclusive listing of Village at Juban Lakes, a 144-unit apartment community, located at 11000 Buddy Ellis Road in Denham Springs, LA. The seller has engaged Gregg Cordaro of Hendricks-Berkadia's Louisiana office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
4/26/2013 - Bid Deadline Set for 5/02 for Hendricks-Berkadia Listing, Renaissance, in Los Angeles, CA
Hendricks-Berkadia is pleased to announce the exclusive listing of Renaissance, a 169-unit apartment community, located at 630 South Masselin Avenue in Los Angeles, CA. The seller has engaged Dean Zander of Hendricks-Berkadia's West Los Angeles office and Vince Norris of Hendricks-Berkadia's Los Angeles North office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
4/25/2013 - Hendricks-Berkadia's San Antonio Office Lists Unpriced, 8-Property Portfolio in TX
Hendricks-Berkadia is pleased to announce the exclusive listing of the Coastal Bend Portfolio, a eight-property, 453-unit multifamily portfolio, located in Corpus Christi, Kingsville, Rockport, and Aransas Pass, TX. The seller has engaged Mike Miller, Chris Ross and Will Caruth of Hendricks-Berkadia's San Antonio office to market the portfolio. For additional information, please visit the [Dedicated Property Website.]
4/24/2013 - Adjacent Properties in San Bernardino, CA Listed by Hendricks-Berkadia for $5.2M
Hendricks-Berkadia is pleased to announce the exclusive listing of Loma and Mountain Apartments, located at 2935 North Mountain Avenue in San Bernardino, CA. The asking price for the 80-unit apartment community is $5,200,000. The seller has engaged Alex Mogharebi of Hendricks-Berkadia's Ontario office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
4/23/2013 - Southwillow Apartments in West Jordan, UT Listed by Hendricks-Berkadia for $40M
Hendricks-Berkadia is pleased to announce the exclusive listing of Southwillow Apartments, located at 6885 South Redwood Road in West Jordan, UT. The asking price for the 440-unit apartment community is $40,000,000. The seller has engaged James Wadsworth and Greg Barratt of Hendricks-Berkadia's Salt Lake City office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
4/22/2013 - Hendricks-Berkadia's Colorado Springs Office Lists North Hills Village in El Paso, TX for $17.1M
Hendricks-Berkadia is pleased to announce the exclusive listing of North Hills Village, located at 4495 Jon Cunningham Boulevard in El Paso, TX. The asking price for the 152-unit apartment community is $17,100,000. The seller has engaged Winston Black of Hendricks-Berkadia's Colorado Springs office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
4/19/2013 - Bella Vista Apts Trade for $12M
Care Housing Svcs Corp Buys 150 Units in El Cajon
Pedcor Companies sold the 150-unit Bella Vista Apartments at 545 N. Mollison Ave. in El Cajon, CA to Care Housing Services Corporation for $12 million, or $80,000 per unit.
Bella Vista is a 86,740-square-foot multifamily community located on Mollison and Madison Avenues in San Diego County. The property was built in 1964 and renovated in 1999 and consists of all two-bedroom, one-bath units. Amenities include gated access and two swimming pools.
The property is entitled to a Low-Income Housing Tax Credit (LIHTC) based on its affordable housing income requirements for the tenants in the building.
Allen Chitayat and Steve Huffman of Hendricks & Partners represented both the seller and the buyer in the sale. [CoStar]
4/18/2013 - Nine-Property Portfolio in Birmingham Metro, AL Listed by Hendricks-Berkadia for Over $19M
Hendricks-Berkadia is pleased to announce the exclusive listing of the Steel City Portfolio, a nine-property, 649-unit multifamily portfolio, located in Birmingham Metro, AL. The seller has engaged David Oakley, David Etchison and Royce Emerson of Hendricks-Berkadia's Alabama office to market the portfolio. For additional information, please visit the [Dedicated Property Website.]
4/17/2013 - Hendricks-Berkadia's Salt Lake City Office Lists Somerset Village for $50M
Hendricks-Berkadia is pleased to announce the exclusive listing of Somerset Village, located at 3810 South Redwood Road in West Valley City, UT. The asking price for the 486-unit apartment community is $50,000,000. The seller has engaged James Wadsworth and Greg Barratt of Hendricks-Berkadia's Salt Lake City office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
4/16/2013 - Canyon Creek, Grandview Heights apartments off the market
Canyon Creek, a 320-apartment complex in South County, and the 68-unit Grandview Heights apartments near Fairgrounds Park have changed hands.
Canyon Creek was sold April 1 to Canyon Creek Equities, an LLC managed by Earl Swink, who also is a managing partner at accounting firm Swink, Fiehler & Co. GEM Property Management, which Swink co-owns, will manage the apartments.
The seller was Vorhof-Duenke Property III LLC and Crazy Horse, a private tenancy-in-common investment group, according to real estate firm Hendricks-Berkadia, which brokered the sale of Canyon Creek, located at 4200 Salem School Road. Vorhof-Duenke's registered agent is listed as attorney Jane Carriker and its organizer is listed as Michael Thorne, both of Clayton, according to filings on the Missouri Secretary of State's website.
Andrea Kendrick and Kenneth Aston Jr. of Hendricks-Berkadia represented both the buyer and seller in the deal.
The property was listed for $17.8 million, or $55,750 per unit. Aston said in a email to the Business Journal that the agency could not disclose the sale price due to a confidentially agreement. However, the purchase price wasn't "too far off" from the list price, according to Aston.
Aston, along with Paul Cunningham, also brokered the sale last week of the Grandview Heights apartment complex, at 4023 Pleasant in north St. Louis, to Hoffton LLC, which was formed in March. The company's registered agent is Aston, and its organizer is Creve Coeur attorney Mark Pasewark, according to filings with the state.
That complex was listed on the market for $970,000, or $14,265 per unit. The seller was BankLiberty of Kansas City. Aston declined to disclose Grandview Heights' selling price.
Both complexes will undergo "significant" renovations under their new owners. Canyon Creek started a more than $3 million renovation last week, Swink said. Aston said Grandview Heights will see between $300,000 to $400,000 in improvements. [St. Louis Business Journal]
4/15/2013 - Unpriced Potential Apartment Conversion in Cypress, CA Listed by Hendricks-Berkadia's Newport Beach Office
Hendricks-Berkadia is pleased to announce the exclusive listing of Cypress Lodge, a 101-unit apartment community, located at 5601 Lincoln Avenue in Cypress, CA. The seller has engaged Steve Bryant and Peter M. Hauser of Hendricks-Berkadia's Newport Beach office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
4/12/2013 - Interurban Sells 392-Unit Churchill Park
SAN ANTONIO-Interurban Properties ended its approximate five-year hold on the 392-unit Churchill Park Apartments by selling the property to SGI Partners in an off-market transaction. In acquiring the class B multifamily property, SGI Partners opted to assume a Fannie Mae loan currently in place, which has approximately two years remaining.
"The property was purchased a little below market rate, and with about a 7-cap going into it. The buyer decided to assume the financing, get some interior upgrades completed then refinance it in about 18 months when the prepayment on the loan goes away," explains Mike Miller from Hendricks-Berkadia's San Antonio office. Miller teamed with colleagues Chris Ross and Will Caruth to negotiate the sale of the asset at 1200 Patricia Dr. The sales price was undisclosed, and the Bexar Central Appraisal District assesses the asset at approximately $11 million.
Miller tells GlobeSt.com that the seller was interested in disposing of the 96%-occupied complex, but didn't want it widely marketed. Meanwhile, the buyer had acquired the nearby Summercreek Apartments at 11851 Belair Dr. "They said they'd love to take a look, they saw it and wrote an offer," Miller says, adding that eight units caught fire because of an electrical shortage during the escrow period, but the buyers moved forwards with the acquisition anyway.
Much like the other major cities in Texas, San Antonio is seeing average multifamily occupancy at around 96%. According to statistics released by Hendricks-Berkadia, average rents increased by approximately 1.2% from the year before. "There are a lot of buyers looking to acquire multifamily here in San Antonio, as well as in Austin, Corpus Christi, Houston and elsewhere," Miller observes. "The investments provide a safe, steady return with good yield." [GlobeSt.com]
4/10/2013 - Deep Deuce apartments in Oklahoma City sell for $38.2 million
The 297-unit Deep Deuce at Bricktown apartment complex in Oklahoma City sold for $130,000 per unit.
A California-based real estate investment trust has purchased the 297-unit Deep Deuce at Bricktown apartments for $38.22 million, or $130,000 per unit.
The Deep Deuce complex is the third Oklahoma City metro-area acquisition in the past year for Irvine, Calif.-based Steadfast Income REIT. The real estate investment trust is investing in Oklahoma City because of its strong economy and low unemployment rate, it said in a statement.
"These latest acquisitions exemplify two key facets of our strategy - to invest in apartment communities that are located in strong job growth markets, and to seek concentration in those markets to add synergy to our operating platform, reduce operating costs and increase revenue," Ella Shaw Neyland, president of Steadfast Income REIT, said in a statement announcing the purchase of the Deep Deuce complex and another in Austin, Texas.
The seller, Omaha-based multifamily investment firm DEI Communities, put the brick apartment complex at 314 NE 2 on the market for $39.75 million in November.
DEI purchased the complex in 2007 for $26.9 million, or $91,496 per unit. The 2007 transaction was considered the peak of the local market at the time, said Aaron Hargrove, a real estate broker for Hendricks-Berkadia, which marketed the property for DEI.
"It was a great price at the time - a lot of people thought it was pioneering on the buyer's part stretching to such a high price per unit - and it paid off for them," Hargrove said.
The property commanded such a high sale price this time around because of the strength of the downtown Oklahoma City real estate market, said Tim McKay, senior vice president for Hendricks-Berkadia. The nearby Level Urban Apartments is 100 percent leased with a waiting list.
"We think the momentum of downtown Oklahoma City will continue, and we will see rent increases as demand continues to grow," McKay said.
The Deep Deuce is 99 percent occupied and features one- and two-bedroom units with an average rent of $1,083.
Steadfast also bought the 360-unit Montclair Parc Apartments in Oklahoma City for $35.7 million in August 2012 and the Spring Creek Apartments in Edmond for $19.3 million in March 2012. [The Oklahoman]
4/09/2013 - Hendricks-Berkadia Negotiates $62 million sale for 1,300 Units at three apartment properties in Bradenton, FL and Orlando, FL
ORLANDO, FL--- Hendricks-Berkadia Real Estate Advisors, which ranks as one of the leading multi-family investment banking and research companies in the nation, recently negotiated the sale of three apartment properties in Bradenton and Orlando that total some 1,130 units and valued at close to $62 million.
Cole Whitaker, partner who heads the Southeast Division of Hendricks-Berkadia, negotiated all three transactions with associate partner Hal Warren. The three sales brought $61,780,000.
Hendricks-Berkadia represented the seller in all three transactions.
Whitaker and Warren negotiated the sale of Braden Lakes Apartment Homes on 50th Avenue West in Bradenton for $14,280,000 representing seller Situs, LLC. Lexsignia LLC acquired the property comprising 264 units in 16 two-story garden style buildings and a clubhouse.
Whitaker and Warren represented Situs, LLC in a second sale of The Cornerstone Apartments with 430 units on S. Conway Rd. in Orlando for $23 million. Robbins Property Associates LLC, acquired the property with a total of 317,190 rentable square feet on 27 acres.
Whitaker and Warren negotiated the $24,500,000 sale of Park Baldwin Palms at 2250 N. Semoran Blvd. in Orlando representing seller Everglades Partners, LLC. Covenant Capital Group, LLC acquired the property with 436 apartments situated in 38 two-story garden-style buildings on 21.8 acres. [Done Deals]
4/08/2013 - Bella Lofts in Glendale, AZ Marketed by Hendricks-Berkadia for $5.725M
Hendricks-Berkadia is pleased to announce the exclusive listing of Bella Lofts, located at 4444 West Ocotillo Road in Glendale, AZ. The asking price for the 200-unit apartment community is $5,725,000. The seller has engaged Mark Forrester, Ric Holway and Greg Thielen of Hendricks-Berkadia's Phoenix office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
4/05/2013 - Hendricks-Berkadia's Michigan Office Lists Village Green of Troy East
Hendricks-Berkadia is pleased to announce the exclusive listing of Village Green of Troy East, a 204-unit apartment community, located at 2330 John R Road in Troy, MI. The seller has engaged Kevin P. Dillon, David Walstrom, Jason Krug and Michael Tassoni of Hendricks-Berkadia's Michigan office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
4/01/2013 - Seattle developer Daly Partners buys South Lake Union property from Unico
Daly Partners plans to develop a 68-unit apartment project in Seattle's South Lake Union neighborhood.
Daly recently bought the one-third acre at 1701 Dexter Ave. N. from another Seattle company, Unico Properties, for $2 million. That is nearly $600,000 less than what Unico paid for the property five years ago, public records show.
Unico Chief Investment Officer Jonas Sylvester said his company decided to sell because it has larger sites "and better opportunities to invest in and develop elsewhere in the region and throughout our portfolio."
Jim Daly said that Unico and its partner on the project, JPMorgan Chase, obtained a master-use permit to develop the property that's occupied by a parking garage and small office building. Having the permit means Daly can proceed with the project.
But the company will reconfigure the project, Daly said. The plan is to build a market-rate studio, one- and two-bedroom units using a modular construction method. The units are built in a factory and shipped to the site, reducing costs and speeding up construction.
Daly said construction could start in about nine months, though the schedule will depend on how fast the city processes permits.
Located near the headquarters of Amazon.com and the Bill & Melinda Gates Foundation, Dexter Avenue North is a hotspot for apartment development. In addition to Daly's project, 740 units have been built or are being planned, said Marty Leith, a broker with Hendricks-Berkadia of Seattle. He and colleague Kenny Dudunakis negotiated the sale of the 1701 Dexter Ave. N., property for Unico. [Puget Sound Business Journal]
3/28/2013 - Stoney Creek in Lakewood, WA Listed by Hendricks-Berkadia
Hendricks-Berkadia is pleased to announce the exclusive listing of Stoney Creek, a 231-unit apartment community, located at 5406 82nd Street SW in Lakewood, WA. The seller has engaged Kenny Dudunakis of Hendricks-Berkadia's Seattle office and Jim Jensen of Hendricks-Berkadia's Tacoma office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
3/27/2013 - Bid Deadline Set for 4/05 for Hendricks-Berkadia-Listed Vantage at Plum Creek in Kyle, TX
Hendricks-Berkadia is pleased to announce the exclusive listing of Vantage at Plum Creek, located at 4925 Cromwell Drive in Kyle, TX. The asking price for the 264-unit apartment community is $27,456,000. The seller has engaged Mike Miller, Chris Ross and Will Caruth of Hendricks-Berkadia's San Antonio office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
3/26/2013 - Hendricks-Berkadia Lists Premier Residential Lofts in Downtown Los Angeles
Hendricks-Berkadia is pleased to announce the exclusive listing of The Historic Gas Company Lofts, a 251-unit apartment community, located at 810 South Flower Street in Los Angeles, CA. The seller has engaged Dean Zander of Hendricks-Berkadia's West Los Angeles office and Vince Norris of Hendricks-Berkadia's Los Angeles North office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
3/25/2013 - Offers Due 3/26 for Southern Hills, Listed by Hendricks-Berkadia's Dallas Office
Hendricks-Berkadia is pleased to announce the exclusive listing of Southern Hills, a 250-unit apartment community, located at 2600 Southern Hills Boulevard in Arlington, TX. The seller has engaged Tom Burns and Jay Gunn of Hendricks-Berkadia's Dallas office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
3/22/2013 - Hendricks-Berkadia Lists Village at Seeley Lake in Lakewood, WA
Hendricks-Berkadia is pleased to announce the exclusive listing of Village at Seeley Lake, a 522-unit apartment community, located at 9501 59th Avenue SW in Lakewood, WA. The seller has engaged Kenny Dudunakis of Hendricks-Berkadia's Seattle office and Jim Jensen of Hendricks-Berkadia's Tacoma office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
3/20/2013 - Vantage at Kitty Hawk Marketed by Hendricks-Berkadia's San Antonio Office for $30.1M, Offer Deadline 4/05
Hendricks-Berkadia is pleased to announce the exclusive listing of Vantage at Kitty Hawk, located at 7461 Kitty Hawk Drive in Converse, TX. The asking price for the 288-unit apartment community is $30,100,000. The seller has engaged Mike Miller, Chris Ross and Will Caruth of Hendricks-Berkadia's San Antonio office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
3/18/2013 - Hartnett of Hendricks-Berkadia Tabbed to List Garden House in Mesquite, TX for $8.75M
Hendricks-Berkadia is pleased to announce the exclusive listing of Garden House, located at 2500 East Meadows Boulevard in Mesquite, TX. The asking price for the 366-unit apartment community is $8,750,000. The seller has engaged Peter Hartnett of Hendricks-Berkadia's Dallas office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
Hendricks-Berkadia is pleased to announce the exclusive listing of Foxwood, located at 6655 North Fresno Street in Fresno, CA. The asking price for the 272-unit apartment community is $23,100,000. The seller has engaged Dean Zander of Hendricks-Berkadia's West Los Angeles office, Vince Norris of Hendricks-Berkadia's Los Angeles North office and Robin C. Kane and Gordon J. Larkin of Hendricks-Berkadia's Fresno office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
5/17/2013 - Is Infill Tapped Out?
In the days, months and even years following the Great Recession and the financial aftermath, it seemed as though multifamily was the rising star of commercial real estate. The coming-of-age of Echo Boomers, combined with disillusionment with home ownership, caused a good chunk of the population to flee to rentals. Added to the issue was constrained supply from lack of construction. The result was a commercial real estate sector at which investors eagerly threw money and bid against one another for ownership rights.
However, the multifamily assets over which investors fought was primarily infill, core product-projects and developments located in central business districts or bustling urban submarkets. Even as developers started ramping up again and bringing units on line to meet the apparently insatiable demand, "coming out of the recession, the only areas in which we saw new development were those core, infill locations," comments M. Patrick Carroll, founder and CEO of the Carroll Organization in Atlanta.
"We hadn't really seen a whole lot of building over the past four or five years," adds Terry Gwin, president of Dallas-based SWBC Real Estate LLC, a company that develops multifamily properties nationwide while investing in apartment complexes in areas ranging from infill to suburban. "But what has been built has been urban infill, the downtown type of product."
The popularity of infill, urban areas boils down to a handful of reasons. Tenant demand seemed to focus on those urban locations, meaning less risk for the investors and builders. "Investors assume it's safer to be in a core location," observes Carroll, whose company's M.O. is geared toward value-add multifamily investments within the southern tier of the US. "Because of that, if someone was interested in investing, they'd invest in those core locations."
Peter Muoio, senior principal with Maximus Advisors and Auction.com Research, also points out that the investment/builder focus on urban areas continues strong, especially in the so-called "gateway" cities on the coasts.
In recent months, AMLI Residential received approval to build its 334-unit AMLI Uptown Orange in Orange, CA, on the site of an existing DoubleTree Hotel parking lot. Further north in California, Avant Housing LLC, a joint venture between AGI Capital Group, TMG Partners and CalPERS, with Essex Property Trust and BRIDGE Housing, is working toward building a 563-unit urban-infill apartment development on Transbay Block 9, located in San Francisco.
Meanwhile, in Pittsburgh, the 388-unit Washington Plaza Apartments changed ownership (Faros Properties bought it). Deep in the heart of Texas-more specifically, in Houston-Behringer Harvard and Trammel Crow Co. recently launched construction of a 270-unit project known as the Muse Museum District on a two-acre site within the city's Museum District. The Marquette Cos. began going north on the 223-unit Catalyst in Chicago's West Loop submarket. Finally, the California Public Employees' Retirement System acquired the 136-unit Aldyn on Riverside Boulevard and the 209-unit Ashley on 63rd Street, both in New York City.
The above activities are only the tip of the iceberg when it comes to multifamily investment and development-and all of what was mentioned are infill projects. But things are starting to change when it comes to infill, at least in some geographic markets. "Earlier in the building cycle, everything was mostly infill, mostly urban core. But that core has started to spread. At some point, it had to. There are only so many places to build," comments Ron Johnsey, president of Dallas-based apartment research company AXIOMetrics Inc.
And on the investment side, at least in the New Jersey area, Kenneth Uranowitz, president of Gebroe-Hammer Associates, points out that both infill and suburban product is getting a lot of attention from investors. "There's such a dearth of inventory, it's making even the secondary and tertiary markets, and the value-add plays, even more attractive," Uranowitz says.
There are a few reasons for the shift to suburbia and secondary and tertiary markets. Gwin says that, from a development standpoint, urban infill has become expensive to build. Land, which is skyrocketing in price seemingly everywhere, seems to be more expensive downtown rather than in the suburbs. And Uranowitz points out that infill properties are known for their high barriers to entry, which also boosts their price per pound. "We just sold a property in South Orange, NJ called the Avenue. It's adjacent to the Midtown Direct train," he says. That property sold for more than $400,000 per unit, which set a record for New Jersey multifamily sales. And investors are seeing cap rates compress on those infills as well. "When those high-barrier-to-entry buildings come to market, they're in the sub-5% cap rate, or even lower."
The same seems to be trending on the West Coast. Dean Zander, senior partner with Hendricks-Berkadia's West Los Angeles office, says that the most aggressive money is chasing the infill locations, particularly in Los Angeles and Orange County. "Infill is the number-one choice," he says. But much like Uranowitz and Gwin have pointed out, Zander says the secondary and suburban markets are definitely on the radar screen, mainly because there isn't enough supply to meet investors' hunger for infill product. Just as importantly, "a lot of investors are starting to get priced out of those coastal markets."
Developers are also finding that there is a finite market to which that infill product can be targeted. Many of the urban units coming on line are geared toward the high-end, younger, more affluent investor who has a lot of money to burn. But the overall renter profile may not fit that mold.
"When you build all-urban, you're delivering the property at the top of the market, whereas when you develop product in the suburbs, you can spread the price points around," explains Jay Denton, vice president of research with Axiometrics Inc. In Dallas' Uptown market, for example, rents can top $1,400 a month for a one-bedroom unit. In suburban Plano, TX, however, a renter could find a two-bedroom apartment for $1,100 a month. As such, "a developer can get more people who can afford that rent," Denton observes. "That's one reason they're going out there."
Another driver is that rents are starting to justify the costs of investments and development in the suburban and smaller market product. Gwin, whose company invests a great deal in Texas, points out jobs are increasing, not just within the CBDs, but in secondary and suburban markets as well. "We're not seeing jobs just in Dallas' CBD," he says. "We're seeing them in Frisco, TX and Alliance (in far north Fort Worth) as well."
Hendricks-Berkadia partner Vince Norris, who operates out of the company's Woodland Hills, CA office, agrees with the assessment, pointing out that with jobs and, therefore, employees moving to suburbia, there is less incentive for renters to move downtown. "Those who live in suburbia now, rather than the core central locations, won't relocate or even travel to downtown unless they absolutely have to," he says.
Job creation certainly fuels multifamily demand, but Maximus Advisors' Muoio says there is much more to it these days. He explains that, in the immediate aftermath of the financial meltdown, a distaste for homeownership tended to drive occupancy rates among multifamily housing. But beginning in 2012, that changed.
"What's happening is that we've started to see household formation rates, which were severely depressed, begin to pop above cyclical demand levels," Muoio explains. In other words, what's been happening is that younger adults are leaving their parents' houses and looking for their own nests to feather. Roommates are starting to split up and increased immigration is also feeding demand. Though household formation has allegedly been recovering since the end of the recession in 2009, "it wasn't until late 2011 that we really started seeing it take effect among single family and multifamily," Muoio comments. This is why trends have been pointing to increased demand for, and acquisitions of, single-family homes. Furthermore, in certain parts of the country, more single-family permits are being pulled as the taint of home ownership appears to wane.
But no one is anticipating a flight to single-family ownership. For one thing, the borrowing qualifications for ownership continue to be quite stringent. And, Zander points out, as single-family homes prices continue to accelerate, they'll likely price would-be homebuyers out of the market. "It's hard for first-time buyers to move out of their apartments to buy a home," he says. "So they're remaining renters for longer periods."
All of this supports the continued trend toward renter demand for multifamily. But even with this demand, effective rent growth, especially among infill multifamily has, surprisingly, slowed. It hasn't gone negative by any stretch of the imagination, but the slowdown is apparent.
Johnsey notes that even in infill areas in which land is still available, slower rent growth overall for class A properties means more difficulty in financing new infill developments. "Some of our clients are looking for opportunities in suburban areas because of it," he observes.
But why, if there continues to be demand for multifamily, has effective rent growth slowed? Denton points out that class A product, especially in certain geographic infill areas, is starting to be impacted by oversupply. This, in turn, means that owners of existing properties are likely to depress rental rates to boost absorption. As such, "urban core developers are starting to lower rental rates to maintain their absorption rates," he says. "The good news is, they're filling up." But infill may not be quite as compelling if rents are lower. Though Zander Norris on the West Coast and Uranowitz on the East Coast note that pushing rents hasn't resulted in much occupancy decline, Denton says core infill product is starting to feel the heat. "We suspect the urban core markets will get softer, with more rent growth in the class B and C categories, and suburbs as well," Denton adds.
We're also in a period in which there just isn't all that much infill product available any more. "You have to remember that when product is acquired, it's acquired as somewhat of a long-term investment," explains Gwin of SWBC. "Once that apartment complex is bought, it might not come back on the market for five years or longer." As investors were coming back to the market in 2010 and 2011, it was that core, infill product they were seeking out."
The flight to quality among investors coming out of the recession meant core buys, Carroll observes. Infill was considered safer and less risky, as this seemed to be where much of the renter demand was centered. But the economy is recovering and job growth isn't taking place simply in the CBDs. As such, "as the recovery carries on, investors are becoming more confident and will invest in what they perceive as riskier," he says.
Furthermore, Gwin points out, there is only a finite amount of zoned, developable land among the infill areas. "Most of the low-hanging fruit is gone," he says. "These days, you have to look harder and work harder to build in the infill areas. You have to tear something down or rezone it." For example, the above-mentioned Muse Museum District in Houston is being built on Richmond Avenue on what was once the site of a 1960s multifamily complex.
In short and for now, infill is still strong and, despite cap rate and yield compression, is a preferable investment. Yet the experts point out that suburban, secondary and tertiary markets are coming into their own.
"I definitely think infill is still the darling of investors," Hendricks-Berkadia's Norris remarks. "But as the market continues to heat up and as developers or yield constraints come into play, those infill locations are going to be less and less desirable. Suburbia will come into its own because price points of the product there will be more advantageous." [GlobeSt]
5/16/2013 - South Blvd in Las Vegas, NV Listed by Hendricks-Berkadia, Call For Offers 5/17
Hendricks-Berkadia is pleased to announce the exclusive listing of South Blvd, a 320-unit apartment community, located at 10200 Giles Street in Las Vegas, NV. The seller has engaged Carl Sims, Angela Powers-Armstrong and Nick Ingle of Hendricks-Berkadia's Las Vegas office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
5/15/2013 - Berkadia, the Servicer's Servicer, Wins $75 Billion Servicing Assignment
Signs on as Subservicer as Major Servicing Portfolio Changes Hands
HORSHAM, PA. - As a result of the recent announcement that KeyBank Real Estate Capital has agreed to purchase certain commercial servicing rights from Bank of America, Berkadia Commercial Mortgage LLC (Berkadia) has agreed to subservice the portfolio, making it the largest Fee-for-Services provider in the industry. Approximately $75 billion will be added to Berkadia's existing servicing portfolio.
Part of the transaction also includes the intended sale of Berkadia's special servicing business to KeyBank, which when combined with Bank of America's portfolio, will bring KeyBank's specially serviced portfolio to $47 billion. "This was a large, complicated transaction that couldn't have been completed without the hard work and cooperation of KeyBank and our team," said Mark McCool, executive vice president and head of servicing at Berkadia. "Berkadia prides itself on being able to offer a comprehensive menu of services that support all commercial real estate products and market sectors. Through this agreement, we continue to show our propensity for being the 'Servicer's Servicer,' providing high quality third-party loan servicing to institutional lenders and allowing them to outsource all or part of their commercial loan servicing needs."
"We continue to offer our servicing customers a compelling combination of service and value, while allowing them to manage their expenses and the relationships with their borrowers," said Hugh Frater, chief executive officer of Berkadia.
In April 2012, KeyBank entered an arrangement with Berkadia and transferred subservicing rights of close to $40 billion in securitized commercial mortgages and in return, Berkadia transferred deposits related to FHA mortgages and services to KeyBank.
"Since we've worked with KeyBank in the past, there was definitely a high level of comfort and trust when negotiating this newest transaction," said McCool. "We know that this move is beneficial for both companies and we look forward to more opportunities to expand our business and grow our portfolio."
About Berkadia:
Berkadia Commercial Mortgage LLC, one of the most prominent lenders in the commercial real estate industry, is a highly rated master, primary and special servicer managing a portfolio of more than $195.6 billion as of March 31, 2013. As a correspondent for insurance companies and other institutional lenders and a leading approved lender for Fannie Mae, Freddie Mac and HUD/FHA, Berkadia offers clients access to capital for the acquisition, construction, rehabilitation or refinance of commercial real estate properties. Through the acquisition of Hendricks & Partners, Berkadia now adds multi-family advisory services and investment sales to its capabilities. [heraldonline.com]
5/14/2013 - Bid Deadline of 6/07 for Hendricks-Berkadia-Listed Aventerra at Dobson Ranch in Mesa, AZ
Hendricks-Berkadia is pleased to announce the exclusive listing of Aventerra at Dobson Ranch, a 576-unit apartment community, located at 1960 West Keating Avenue in Mesa, AZ. The seller has engaged Mark Forrester and Ric Holway of Hendricks-Berkadia's Phoenix office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
5/13/2013 - NMS @ Warner Center in Canoga Park, CA Listed by Hendricks-Berkadia for $18.57M
Hendricks-Berkadia is pleased to announce the exclusive listing of NMS @ Warner Center, located at 21021 Vanowen Street in Canoga Park, CA. The asking price for the 81-unit apartment community is $18,570,000. The seller has engaged Dean Zander of Hendricks-Berkadia's West Los Angeles office and Vince Norris of Hendricks-Berkadia's Los Angeles North office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
5/10/2013 - Hendricks-Berkadia Lists Unpriced Asset in Monroe, MI
Hendricks-Berkadia is pleased to announce the exclusive listing of Hidden Trail, a 215-unit apartment community, located at 1513 Stewart Road in Monroe, MI. The seller has engaged Rick L. Vidrio and Rick Brace of Hendricks-Berkadia's Michigan office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
5/09/2013 - Coronado apartment complex sold to Texas investor
An investor hailing from the Lone Star State has closed on the purchase of an apartment complex in San Antonio previously owned by a firm from the Sunshine State.
The San Antonio office of Hendricks-Berkadia brokered the sale of Coronado. The 178-unit community is located at 9525 Lorene Lane in North Central San Antonio. The complex was built in 1970.
LB-RPR | Asset Holdings LLC out of Miami, Fla., was the seller. The buyer was a private, Texas-based investor, Hendricks-Berkadia states.
The transaction was negotiated by Will Caruth, Mike Miller and Chris Ross of the local Hendricks-Berkadia office.
Previously known as Hendricks & Partners, the multifamily investment sales and research firm was acquired by Berkadia Commercial Mortgage LLC of this past January. The firm was rebranded as Hendricks-Berkadia. [San Antonio Business Journal]
5/08/2013 - Ashler Oaks On the Market with Hendricks-Berkadia's San Antonio Office for $5.25M
Hendricks-Berkadia is pleased to announce the exclusive listing of Ashler Oaks, located at 4100 Parkdale Drive in San Antonio, TX. The asking price for the 150-unit apartment community is $5,250,000. The seller has engaged Mike Miller, Chris Ross and Will Caruth of Hendricks-Berkadia's San Antonio office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
5/07/2013 - Hendricks-Berkadia's Seattle Office Lists Senior Housing Community for $9.02M
Hendricks-Berkadia is pleased to announce the exclusive listing of Remington Place, located at 3025 NE 137th Street in Seattle, WA. The asking price for the 61-unit apartment community is $9,020,000. The seller has engaged Tim Ufkes of Hendricks-Berkadia's Seattle office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
5/07/2013 - Bellagio apartments in Scottsdale sell for $26 million
A Vancouver, Wash.-based multifamily investor recently handed over $25.75 million to acquire the 202-unit Bellagio apartment complex in north Scottsdale, according to a statement this week from Xceligent Inc.
Holland Partners inked the deal through a $19.5 million loan financed through a group affiliated with Phoenix-based Hendricks-Berkadia, which was formerly known as Hendricks & Partners until it was acquired in late December by the Warren Buffett-backed Berkadia Commercial Mortgage LLC.
The Bellagio, located at the southeast corner of Bell Road and 56th Street, marks the seventh community in metro Phoenix for Holland Partners, including three in Tempe, two in Scottsdale and one each in Phoenix and Mesa, the statement said. Holland Partners' portfolio is also comprised of properties in California, Oregon and Washington, and the firm leases and manages its own assets, the statement said.
The seller was an entity controlled by Equity Residential Trust, which has roughly 440 apartment projects throughout 13 states. Xceligent said the Bellagio is among roughly 17 Phoenix-area apartment complexes that Equity Residential has sold since late 2012.
"It is believed Equity Residential has elected to dispose of non-core assets, allowing them to focus their energy and resources on acquisitions in other areas of the country, including a stake in acquiring the assets and liabilities of the former Denver-based Archstone Enterprises LP," the statement said. [Phoenix Business Journal]
5/06/2013 - WeHo 72 in West Hollywood, CA On the Trading Block with Hendricks-Berkadia for $30.65M
Hendricks-Berkadia is pleased to announce the exclusive listing of WeHo 72, located at 884 & 939 Palm Avenue in West Hollywood, CA. The asking price for the 72-unit apartment community is $30,650,000. The seller has engaged Dean Zander of Hendricks-Berkadia's West Los Angeles office and Vince Norris of Hendricks-Berkadia's Los Angeles North office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
5/03/2013 - Krug of Hendricks-Berkadia's Michigan Office Presents Westbrook in Kokomo, IN for $5.5M
Hendricks-Berkadia is pleased to announce the exclusive listing of Westbrook, located at 3334 South Dixon Lane in Kokomo, IN. The asking price for the 144-unit apartment community is $5,500,000. The seller has engaged Jason Krug of Hendricks-Berkadia's Michigan office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
5/02/2013 - Unpriced Class "A" Opportunity in San Antonio, TX Listed by Hendricks-Berkadia
Hendricks-Berkadia is pleased to announce the exclusive listing of Villages at Lost Creek, a 260-unit apartment community, located at 15302 Judson Road in San Antonio, TX. The seller has engaged Mike Miller, Chris Ross and Will Caruth of Hendricks-Berkadia's San Antonio office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
5/01/2013 - Philly firm buys Hoover's Autumn Wood Apartments
One of Hoover's largest multifamily complexes, the 206-unit Autumn Wood Apartments, has traded hands, according to a release today.
RRE Autumn Wood Holdings LLC, which public records show is Philadelphia-based Resource Real Estate, bought the complex at 1000 Autumn Wood Dr. for $8.5 million, according to the local office of brokerage firm Hendricks-Berkadia.
The 180,400-square-foot complex, which is just southwest of the intersection of Interstates 65 and 459, was one of the Alabama assets owned by troubled real estate firm Collins Group LLC.
Collins owned the selling entity, 1000 Autumnwood LLC, in a joint venture with another New York-based real company, public records show.
David Oakley, senior vice president of Hendricks-Berkadia's Birmingham office, represented the buyer. Tom Hinton of Hinton Investments represented the seller. [Birmingham Business Journal]
4/30/2013 - Emerald Vista in Vista, CA Listed by Hendricks-Berkadia's San Diego Office for $8.5M
Hendricks-Berkadia is pleased to announce the exclusive listing of Emerald Vista, located at 246 North Emerald Drive in Vista, CA. The asking price for the 49-unit apartment community is $8,500,000. The seller has engaged David Andrews of Hendricks-Berkadia's San Diego office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
4/29/2013 - Cordaro of Hendricks-Berkadia Lists Village of Juban Lakes in Denham Springs, LA
Hendricks-Berkadia is pleased to announce the exclusive listing of Village at Juban Lakes, a 144-unit apartment community, located at 11000 Buddy Ellis Road in Denham Springs, LA. The seller has engaged Gregg Cordaro of Hendricks-Berkadia's Louisiana office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
4/26/2013 - Bid Deadline Set for 5/02 for Hendricks-Berkadia Listing, Renaissance, in Los Angeles, CA
Hendricks-Berkadia is pleased to announce the exclusive listing of Renaissance, a 169-unit apartment community, located at 630 South Masselin Avenue in Los Angeles, CA. The seller has engaged Dean Zander of Hendricks-Berkadia's West Los Angeles office and Vince Norris of Hendricks-Berkadia's Los Angeles North office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
4/25/2013 - Hendricks-Berkadia's San Antonio Office Lists Unpriced, 8-Property Portfolio in TX
Hendricks-Berkadia is pleased to announce the exclusive listing of the Coastal Bend Portfolio, a eight-property, 453-unit multifamily portfolio, located in Corpus Christi, Kingsville, Rockport, and Aransas Pass, TX. The seller has engaged Mike Miller, Chris Ross and Will Caruth of Hendricks-Berkadia's San Antonio office to market the portfolio. For additional information, please visit the [Dedicated Property Website.]
4/24/2013 - Adjacent Properties in San Bernardino, CA Listed by Hendricks-Berkadia for $5.2M
Hendricks-Berkadia is pleased to announce the exclusive listing of Loma and Mountain Apartments, located at 2935 North Mountain Avenue in San Bernardino, CA. The asking price for the 80-unit apartment community is $5,200,000. The seller has engaged Alex Mogharebi of Hendricks-Berkadia's Ontario office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
4/23/2013 - Southwillow Apartments in West Jordan, UT Listed by Hendricks-Berkadia for $40M
Hendricks-Berkadia is pleased to announce the exclusive listing of Southwillow Apartments, located at 6885 South Redwood Road in West Jordan, UT. The asking price for the 440-unit apartment community is $40,000,000. The seller has engaged James Wadsworth and Greg Barratt of Hendricks-Berkadia's Salt Lake City office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
4/22/2013 - Hendricks-Berkadia's Colorado Springs Office Lists North Hills Village in El Paso, TX for $17.1M
Hendricks-Berkadia is pleased to announce the exclusive listing of North Hills Village, located at 4495 Jon Cunningham Boulevard in El Paso, TX. The asking price for the 152-unit apartment community is $17,100,000. The seller has engaged Winston Black of Hendricks-Berkadia's Colorado Springs office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
4/19/2013 - Bella Vista Apts Trade for $12M
Care Housing Svcs Corp Buys 150 Units in El Cajon
Pedcor Companies sold the 150-unit Bella Vista Apartments at 545 N. Mollison Ave. in El Cajon, CA to Care Housing Services Corporation for $12 million, or $80,000 per unit.
Bella Vista is a 86,740-square-foot multifamily community located on Mollison and Madison Avenues in San Diego County. The property was built in 1964 and renovated in 1999 and consists of all two-bedroom, one-bath units. Amenities include gated access and two swimming pools.
The property is entitled to a Low-Income Housing Tax Credit (LIHTC) based on its affordable housing income requirements for the tenants in the building.
Allen Chitayat and Steve Huffman of Hendricks & Partners represented both the seller and the buyer in the sale. [CoStar]
4/18/2013 - Nine-Property Portfolio in Birmingham Metro, AL Listed by Hendricks-Berkadia for Over $19M
Hendricks-Berkadia is pleased to announce the exclusive listing of the Steel City Portfolio, a nine-property, 649-unit multifamily portfolio, located in Birmingham Metro, AL. The seller has engaged David Oakley, David Etchison and Royce Emerson of Hendricks-Berkadia's Alabama office to market the portfolio. For additional information, please visit the [Dedicated Property Website.]
4/17/2013 - Hendricks-Berkadia's Salt Lake City Office Lists Somerset Village for $50M
Hendricks-Berkadia is pleased to announce the exclusive listing of Somerset Village, located at 3810 South Redwood Road in West Valley City, UT. The asking price for the 486-unit apartment community is $50,000,000. The seller has engaged James Wadsworth and Greg Barratt of Hendricks-Berkadia's Salt Lake City office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
4/16/2013 - Canyon Creek, Grandview Heights apartments off the market
Canyon Creek, a 320-apartment complex in South County, and the 68-unit Grandview Heights apartments near Fairgrounds Park have changed hands.
Canyon Creek was sold April 1 to Canyon Creek Equities, an LLC managed by Earl Swink, who also is a managing partner at accounting firm Swink, Fiehler & Co. GEM Property Management, which Swink co-owns, will manage the apartments.
The seller was Vorhof-Duenke Property III LLC and Crazy Horse, a private tenancy-in-common investment group, according to real estate firm Hendricks-Berkadia, which brokered the sale of Canyon Creek, located at 4200 Salem School Road. Vorhof-Duenke's registered agent is listed as attorney Jane Carriker and its organizer is listed as Michael Thorne, both of Clayton, according to filings on the Missouri Secretary of State's website.
Andrea Kendrick and Kenneth Aston Jr. of Hendricks-Berkadia represented both the buyer and seller in the deal.
The property was listed for $17.8 million, or $55,750 per unit. Aston said in a email to the Business Journal that the agency could not disclose the sale price due to a confidentially agreement. However, the purchase price wasn't "too far off" from the list price, according to Aston.
Aston, along with Paul Cunningham, also brokered the sale last week of the Grandview Heights apartment complex, at 4023 Pleasant in north St. Louis, to Hoffton LLC, which was formed in March. The company's registered agent is Aston, and its organizer is Creve Coeur attorney Mark Pasewark, according to filings with the state.
That complex was listed on the market for $970,000, or $14,265 per unit. The seller was BankLiberty of Kansas City. Aston declined to disclose Grandview Heights' selling price.
Both complexes will undergo "significant" renovations under their new owners. Canyon Creek started a more than $3 million renovation last week, Swink said. Aston said Grandview Heights will see between $300,000 to $400,000 in improvements. [St. Louis Business Journal]
4/15/2013 - Unpriced Potential Apartment Conversion in Cypress, CA Listed by Hendricks-Berkadia's Newport Beach Office
Hendricks-Berkadia is pleased to announce the exclusive listing of Cypress Lodge, a 101-unit apartment community, located at 5601 Lincoln Avenue in Cypress, CA. The seller has engaged Steve Bryant and Peter M. Hauser of Hendricks-Berkadia's Newport Beach office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
4/12/2013 - Interurban Sells 392-Unit Churchill Park
SAN ANTONIO-Interurban Properties ended its approximate five-year hold on the 392-unit Churchill Park Apartments by selling the property to SGI Partners in an off-market transaction. In acquiring the class B multifamily property, SGI Partners opted to assume a Fannie Mae loan currently in place, which has approximately two years remaining.
"The property was purchased a little below market rate, and with about a 7-cap going into it. The buyer decided to assume the financing, get some interior upgrades completed then refinance it in about 18 months when the prepayment on the loan goes away," explains Mike Miller from Hendricks-Berkadia's San Antonio office. Miller teamed with colleagues Chris Ross and Will Caruth to negotiate the sale of the asset at 1200 Patricia Dr. The sales price was undisclosed, and the Bexar Central Appraisal District assesses the asset at approximately $11 million.
Miller tells GlobeSt.com that the seller was interested in disposing of the 96%-occupied complex, but didn't want it widely marketed. Meanwhile, the buyer had acquired the nearby Summercreek Apartments at 11851 Belair Dr. "They said they'd love to take a look, they saw it and wrote an offer," Miller says, adding that eight units caught fire because of an electrical shortage during the escrow period, but the buyers moved forwards with the acquisition anyway.
Much like the other major cities in Texas, San Antonio is seeing average multifamily occupancy at around 96%. According to statistics released by Hendricks-Berkadia, average rents increased by approximately 1.2% from the year before. "There are a lot of buyers looking to acquire multifamily here in San Antonio, as well as in Austin, Corpus Christi, Houston and elsewhere," Miller observes. "The investments provide a safe, steady return with good yield." [GlobeSt.com]
4/10/2013 - Deep Deuce apartments in Oklahoma City sell for $38.2 million
The 297-unit Deep Deuce at Bricktown apartment complex in Oklahoma City sold for $130,000 per unit.
A California-based real estate investment trust has purchased the 297-unit Deep Deuce at Bricktown apartments for $38.22 million, or $130,000 per unit.
The Deep Deuce complex is the third Oklahoma City metro-area acquisition in the past year for Irvine, Calif.-based Steadfast Income REIT. The real estate investment trust is investing in Oklahoma City because of its strong economy and low unemployment rate, it said in a statement.
"These latest acquisitions exemplify two key facets of our strategy - to invest in apartment communities that are located in strong job growth markets, and to seek concentration in those markets to add synergy to our operating platform, reduce operating costs and increase revenue," Ella Shaw Neyland, president of Steadfast Income REIT, said in a statement announcing the purchase of the Deep Deuce complex and another in Austin, Texas.
The seller, Omaha-based multifamily investment firm DEI Communities, put the brick apartment complex at 314 NE 2 on the market for $39.75 million in November.
DEI purchased the complex in 2007 for $26.9 million, or $91,496 per unit. The 2007 transaction was considered the peak of the local market at the time, said Aaron Hargrove, a real estate broker for Hendricks-Berkadia, which marketed the property for DEI.
"It was a great price at the time - a lot of people thought it was pioneering on the buyer's part stretching to such a high price per unit - and it paid off for them," Hargrove said.
The property commanded such a high sale price this time around because of the strength of the downtown Oklahoma City real estate market, said Tim McKay, senior vice president for Hendricks-Berkadia. The nearby Level Urban Apartments is 100 percent leased with a waiting list.
"We think the momentum of downtown Oklahoma City will continue, and we will see rent increases as demand continues to grow," McKay said.
The Deep Deuce is 99 percent occupied and features one- and two-bedroom units with an average rent of $1,083.
Steadfast also bought the 360-unit Montclair Parc Apartments in Oklahoma City for $35.7 million in August 2012 and the Spring Creek Apartments in Edmond for $19.3 million in March 2012. [The Oklahoman]
4/09/2013 - Hendricks-Berkadia Negotiates $62 million sale for 1,300 Units at three apartment properties in Bradenton, FL and Orlando, FL
ORLANDO, FL--- Hendricks-Berkadia Real Estate Advisors, which ranks as one of the leading multi-family investment banking and research companies in the nation, recently negotiated the sale of three apartment properties in Bradenton and Orlando that total some 1,130 units and valued at close to $62 million.
Cole Whitaker, partner who heads the Southeast Division of Hendricks-Berkadia, negotiated all three transactions with associate partner Hal Warren. The three sales brought $61,780,000.
Hendricks-Berkadia represented the seller in all three transactions.
Whitaker and Warren negotiated the sale of Braden Lakes Apartment Homes on 50th Avenue West in Bradenton for $14,280,000 representing seller Situs, LLC. Lexsignia LLC acquired the property comprising 264 units in 16 two-story garden style buildings and a clubhouse.
Whitaker and Warren represented Situs, LLC in a second sale of The Cornerstone Apartments with 430 units on S. Conway Rd. in Orlando for $23 million. Robbins Property Associates LLC, acquired the property with a total of 317,190 rentable square feet on 27 acres.
Whitaker and Warren negotiated the $24,500,000 sale of Park Baldwin Palms at 2250 N. Semoran Blvd. in Orlando representing seller Everglades Partners, LLC. Covenant Capital Group, LLC acquired the property with 436 apartments situated in 38 two-story garden-style buildings on 21.8 acres. [Done Deals]
4/08/2013 - Bella Lofts in Glendale, AZ Marketed by Hendricks-Berkadia for $5.725M
Hendricks-Berkadia is pleased to announce the exclusive listing of Bella Lofts, located at 4444 West Ocotillo Road in Glendale, AZ. The asking price for the 200-unit apartment community is $5,725,000. The seller has engaged Mark Forrester, Ric Holway and Greg Thielen of Hendricks-Berkadia's Phoenix office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
4/05/2013 - Hendricks-Berkadia's Michigan Office Lists Village Green of Troy East
Hendricks-Berkadia is pleased to announce the exclusive listing of Village Green of Troy East, a 204-unit apartment community, located at 2330 John R Road in Troy, MI. The seller has engaged Kevin P. Dillon, David Walstrom, Jason Krug and Michael Tassoni of Hendricks-Berkadia's Michigan office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
4/01/2013 - Seattle developer Daly Partners buys South Lake Union property from Unico
Daly Partners plans to develop a 68-unit apartment project in Seattle's South Lake Union neighborhood.
Daly recently bought the one-third acre at 1701 Dexter Ave. N. from another Seattle company, Unico Properties, for $2 million. That is nearly $600,000 less than what Unico paid for the property five years ago, public records show.
Unico Chief Investment Officer Jonas Sylvester said his company decided to sell because it has larger sites "and better opportunities to invest in and develop elsewhere in the region and throughout our portfolio."
Jim Daly said that Unico and its partner on the project, JPMorgan Chase, obtained a master-use permit to develop the property that's occupied by a parking garage and small office building. Having the permit means Daly can proceed with the project.
But the company will reconfigure the project, Daly said. The plan is to build a market-rate studio, one- and two-bedroom units using a modular construction method. The units are built in a factory and shipped to the site, reducing costs and speeding up construction.
Daly said construction could start in about nine months, though the schedule will depend on how fast the city processes permits.
Located near the headquarters of Amazon.com and the Bill & Melinda Gates Foundation, Dexter Avenue North is a hotspot for apartment development. In addition to Daly's project, 740 units have been built or are being planned, said Marty Leith, a broker with Hendricks-Berkadia of Seattle. He and colleague Kenny Dudunakis negotiated the sale of the 1701 Dexter Ave. N., property for Unico. [Puget Sound Business Journal]
3/28/2013 - Stoney Creek in Lakewood, WA Listed by Hendricks-Berkadia
Hendricks-Berkadia is pleased to announce the exclusive listing of Stoney Creek, a 231-unit apartment community, located at 5406 82nd Street SW in Lakewood, WA. The seller has engaged Kenny Dudunakis of Hendricks-Berkadia's Seattle office and Jim Jensen of Hendricks-Berkadia's Tacoma office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
3/27/2013 - Bid Deadline Set for 4/05 for Hendricks-Berkadia-Listed Vantage at Plum Creek in Kyle, TX
Hendricks-Berkadia is pleased to announce the exclusive listing of Vantage at Plum Creek, located at 4925 Cromwell Drive in Kyle, TX. The asking price for the 264-unit apartment community is $27,456,000. The seller has engaged Mike Miller, Chris Ross and Will Caruth of Hendricks-Berkadia's San Antonio office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
3/26/2013 - Hendricks-Berkadia Lists Premier Residential Lofts in Downtown Los Angeles
Hendricks-Berkadia is pleased to announce the exclusive listing of The Historic Gas Company Lofts, a 251-unit apartment community, located at 810 South Flower Street in Los Angeles, CA. The seller has engaged Dean Zander of Hendricks-Berkadia's West Los Angeles office and Vince Norris of Hendricks-Berkadia's Los Angeles North office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
3/25/2013 - Offers Due 3/26 for Southern Hills, Listed by Hendricks-Berkadia's Dallas Office
Hendricks-Berkadia is pleased to announce the exclusive listing of Southern Hills, a 250-unit apartment community, located at 2600 Southern Hills Boulevard in Arlington, TX. The seller has engaged Tom Burns and Jay Gunn of Hendricks-Berkadia's Dallas office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
3/22/2013 - Hendricks-Berkadia Lists Village at Seeley Lake in Lakewood, WA
Hendricks-Berkadia is pleased to announce the exclusive listing of Village at Seeley Lake, a 522-unit apartment community, located at 9501 59th Avenue SW in Lakewood, WA. The seller has engaged Kenny Dudunakis of Hendricks-Berkadia's Seattle office and Jim Jensen of Hendricks-Berkadia's Tacoma office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
3/20/2013 - Vantage at Kitty Hawk Marketed by Hendricks-Berkadia's San Antonio Office for $30.1M, Offer Deadline 4/05
Hendricks-Berkadia is pleased to announce the exclusive listing of Vantage at Kitty Hawk, located at 7461 Kitty Hawk Drive in Converse, TX. The asking price for the 288-unit apartment community is $30,100,000. The seller has engaged Mike Miller, Chris Ross and Will Caruth of Hendricks-Berkadia's San Antonio office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
3/18/2013 - Hartnett of Hendricks-Berkadia Tabbed to List Garden House in Mesquite, TX for $8.75M
Hendricks-Berkadia is pleased to announce the exclusive listing of Garden House, located at 2500 East Meadows Boulevard in Mesquite, TX. The asking price for the 366-unit apartment community is $8,750,000. The seller has engaged Peter Hartnett of Hendricks-Berkadia's Dallas office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]