BERKADIA FACILITATES SALE OF SIX APARTMENT PROPERTIES WORTH MORE THAN $96 MILLION

Chattanooga, Tenn. – Berkadia recently negotiated the sale of six multi-family investment properties, consisting of 1,110 units for a combined $96.35 million.

Marcus Lyons, director of Berkadia’s Chattanooga office, said his team facilitated the transactions on behalf of various sellers with help from several other Berkadia offices. 

“These deals are a testament to the depth of our national Berkadia network.  Not only did our investment sales team negotiate the sales, but our Mortgage Banking team secured financing for the purchasers,” said David Oakley, Berkadia-Southeast managing director, who was involved with each transaction.

The team’s largest sale of the period - Quarry Trail, a 252-unit property in Knoxville, Tennessee – sold for $42 million to an investment group based in Atlanta.

Most recently, the team facilitated the sale of a three-property portfolio of Middle Tennessee State University apartments.  The portfolio, comprised of 96-unit Raiders Crossing, 78-unit Woods at Greenland, and 180-unit University Gables, sold for $32.1 million to another Atlanta-based investment group. 

Other recent Tennessee sales include King’s Crossing and Tara’s Place in Murfeesboro, a combined 184 units, which sold for $11.3 million and Waterview, a 160-unit property in Henderson, which sold for $10.9 million. 

Kevin Larimer, National Director of Student Housing – Berkadia Mortgage Banking, teamed with David Oakley to facilitate both the Quarry Trail and the MTSU Portfolio transactions.  Aaron Hargrove, Managing Directory of Affordable Housing – Berkadia Mortgage Banking, and Eric Taylor, Senior Director - Berkadia Mortgage Banking teamed with Royce Emerson, Senior Director – Berkadia Investment Sales, Lyons, and Oakley, to arrange both the King’s Crossing-Tara’s Place and the Waterview transactions.

Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties.