CHICAGO, KANSAS CITY, Mo. and MEMPHIS, Tenn.– December 17, 2020 – Berkadia today announced the sales of four properties, including Oak Creek Apartments, Windsor Pointe and the Zilber Affordable Portfolio. Berkadia’s Mid-Markets team, including Senior Managing Director Alex Blagojevich and Managing Directors Michael Sullivan and Ralph DePasquale, Senior Director Patrick Jordan, Director Parker Stewart and Associate Director Alex Malzone, together with Berkadia Affordable, completed the sales on behalf of their respective sellers.
“These assets represented the strength of the marketplace right now for multifamily across all property classes, for everything from market-rate to affordable,” said DePasquale.
The recent completed sales include:
- Oak Creek Apartments, located at 508 Lumpkin Ave. in Tupelo, Mississippi, is a 96-unit multifamily property sold by New Jersey-based The Michaels Organization. The buyer was Mississippi-based YUHAAC Properties, and the deal closed in late October. The property is located within an opportunity zone and offers convenient access to Tupelo Buffalo Park and Zoo and the shops at Tupelo Market Center.
- Windsor Pointe is located at 3815 Tripp Street in Ames, Iowa. Maryland-based Fore Property Company was the seller and original developer of the 84‐unit, affordable apartment community. After a very competitive bidding situation where over 150 individual buyer groups signed CA’s were whittled down to 13 formal offers, the eventual buyer was Indiana-based TWG Development LLC. The deal closed on October 28. The property was originally developed in 2004 by Fore using Low Income Housing Tax Credits and is now eligible to be either re-syndicated or removed from the tax-credit program. Community amenities include a 24-hour fitness center, a playground, a business center and a TV lounge. Residents are afforded convenient access to Iowa State University, Reiman Gardens and the shops and restaurants at both Ames Plaza and Dakota Crossing.
- Zilber Affordable Portfolio features two garden-style multifamily properties totaling 145-units, both located in Milwaukee, Wisconsin. The portfolio—consisting of Euclid Arms, an age-restricted, project-based Section 8 community, and Winchester Village, also a project-based HAP affordable property—was sold by Wisconsin-based Zilber Ltd., and after another competitive process ending in the submission of 12 bids apiece, the deal was purchased by California-based BLVD Capital, who was also represented by Berkadia. The deal closed on November 2. The two properties in this portfolio, Euclid Arms and Winchester Village, both feature one-bedroom floor plans and offered project-based HAP contracts for every unit.