Blue Magma Residential acquired the property from CapReit
Memphis, Tenn. (August 16, 2021) – Berkadia announces it has arranged the sale and financing of a 1,002-unit apartment community in Memphis, Tennessee. Senior Director Patrick Jordan of Berkadia’s Memphis office represented the seller, CapReit, a leading multifamily real estate company with offices in suburban Washington D.C. and Center City Philadelphia. Blue Magma Residential, a Tampa-based real estate firm with $1 billion in assets under management, acquired the property for an undisclosed price.
Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia Miami secured acquisition financing on behalf of Blue Magma. Arbor Realty Trust originated the $82 million bridge loan. The non-recourse, floating-rate three-year interest-only loan includes two one-year extension options.
“Blue Magma dipped their toes in the Memphis multifamily arena a few years ago, but has just made a considerable splash with the acquisition of the 1,002-unit Waterview Apartment Homes,” said Jordan. “This community offers multi-tiered opportunities for value creation through both interior and exterior improvements. Blue Magma offers a signature style that pairs well with a resilient Memphis market experiencing tremendous growth.”
Added Foschini, “The borrower has a long history in the market with a proven track record in the successful repositioning of workforce housing communities. In a competitive market, the lender who has worked with them before provided terms that were class-leading to win the transaction.”
Located at 6860 Quince Road, Waterview Apartment Homes was built in 1985 and offers one- and two-bedroom apartments ranging from 533 square feet to 1,160 square feet. Individual units are cable ready and feature vaulted ceilings, ceiling fans, and in some units, washer/dryer, wood-burning fireplaces, and built-in bookshelves. The pet-friendly community amenities include 22 acres of lakes with water features, lighted tennis courts, a fitness center, indoor and outdoor resort-style pools and spas, and a sundeck and lounge area. The community is conveniently located in Southeast Memphis, close to I-240 and Bethel University and approximately 25 minutes from the downtown.