Tuesday, March 03, 2015

Berkadia Arranges Two Multifamily Sales

Berkadia has announced the recent sales of two Texas multifamily properties. Partners Tom Burns and Jay Gunn of the Dallas office negotiated the sale of Burn Brae, located at 4200 W. Northgate Drive in Irving. Northgate Investors LLC of Avon, Conn., purchased the asset from The Chancellor LLC of Las Vegas. Burns and Gunn, as well as senior associate Bill King, also brokered the sale of Meadows Point, located at 800 Marion Pugh Drive in College Station. 
“The buyer of Burn Brae was attracted to the repositioning potential of the asset due to its proximity to Las Colinas, President George Bush Turnpike and Dallas/Fort Worth International Airport,” Burns told GlobeSt.com. “The property needed repositioning and was well located in a submarket with comparable assets fetching as much as 25 percent more in rent, offering significant upside to the new owner once the units are improved.”
Burn Brae, a 282-unit property built in 1983, features one- and two-bedroom floor plans and includes unit amenities such as fireplaces, ceiling fans and access to Internet and cable, as well as balconies or patios. Community amenities include a swimming pool, spa, fitness center and extra storage space. The property is located near state highways 161 and 183.
Meadows Point, a 444-unit property built in 1985, features one- and two-bedroom floor plans and is situated less than a mile from Texas A&M University’s campus. The buyer was CCSHP College Station LP of Philadelphia; the seller was SW Meadows Point LP of Richardson. 
“We are very pleased to have been able to facilitate the sales of these two properties,” says Burns. “The Dallas-Fort Worth multifamily market is very attractive right now, and we expect the projected job growth in the region to help continue this trend.”
According to Berkadia, Dallas-Fort Worth apartment vacancy was 5.5 percent in December 2014, the same as year-end 2013. Asking rents were $968 per month, up 3.9 percent annually.
Anna Caplan, GlobeSt.Com