Jul
05

Berkadia Sells Nine Apartment Communities in the Carolinas and Georgia

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sold signsBerkadia has announced the closing of four separate multifamily transactions in May throughout the Carolinas and coastal Georgia, totaling more than $115 million and 1,900 units. Senior Director Mark Boyce of the Charleston office led the sales.

“Market fundamentals are solid in the Carolinas, which have been reflected by overall investor appetite,” said Boyce. “The region’s sustained employment growth has paved the way for strong apartment performance, and it’s a trend that we expect to continue.”

Highlights include a six-property portfolio located in Columbia, South Carolina, and Fayetteville, North Carolina. Managing Director Cole Whitaker of the Orlando office and Senior Director Paul Vetter of the Atlanta office worked closely with Boyce to successfully sell the 1,520-unit portfolio, which was purchased by Charleston-based Middle Street Partners, LLC. Properties included:

  • Hampton Greene, Saint Andrews Commons, The Waterford at Columbia, Gable Hill and Forestbrook located in Columbia; and
  • Chason Ridge located in Fayetteville.

In three different transactions, Boyce, alongside Associate Blake Coffey of the Charleston office, facilitated the sale of:

  • Serenity Apartments at Greenville located in Greenville, South Carolina – Sold by Elevation Financial Group to a New York-based limited liability company.
  •  The Reserve at Altama located in Brunswick, Georgia – Sold by Intersouth Realty Inc. to a Georgia-based LLC.
  • Woodland Apartments located in Spartanburg, South Carolina – Sold by GHC Housing Partners to Upstate Property Rentals, LLC.

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