ORLANDO, Fla. and PHILADELPHIA – September 13, 2018 – Berkadia announced today the sale and financing of Water’s Edge Apartments, a garden-style multifamily property in Pensacola, Florida. Senior Director David Etchison of the Florida Panhandle office worked with Senior Managing Director Cole Whitaker and Director Mary Beale of the Orlando, Florida office, Managing Director Jason Stanton of the Tampa, Florida office and Director Greg Rainey of the Jacksonville, Florida office to complete the $23.5 million sale on behalf of the seller, Greenville-based Sandlapper Student Housing.
Senior Director Stephen Comly and Senior Managing Director Robert Falese of the Philadelphia office secured $17.75 million in acquisition financing on behalf of the buyer, Atlanta-based Hallmark Companies. The deal closed on August 23.
“Hallmark acquired this quality asset well below replacement cost and plans to implement a value-add program across unit interiors and amenities,” said Etchison. “The Pensacola market has shown strong apartment fundamentals with 5.3 percent rent growth over the past 12 months and continues to catch the eye of many regional and national investors. We expect Hallmark’s renovations will be well-received given recent job growth and future plans for the area.”
“Hallmark’s existing experience in the Pensacola market assisted in getting them very competitive terms on the financing side,” said Comly. “Fannie Mae was able to offer a long-term, fixed-rate option, which coincided well with Hallmark’s business plan for the asset.”
Built in 2004, the 184-unit property features one-, two- and three-bedroom floor plans. Residents can enjoy a 24-hour fitness center, a resort-style pool, a clubhouse, a pet park and a playground. Water’s Edge Apartments is located at 2220 Gloria Circle, offering convenient access to the University of West Florida, West Florida Hospital and the nearby Escambia Bay.
Berkadia’s North Florida multifamily investment sales team has closed over $787.5 million in sales volume through 37 communities and over 8,000 units since 2017.