ORLANDO, Fla. and BIRMINGHAM, Ala. – September 12, 2019 – Berkadia announced today the sale of Heritage Apartment Homes, a 194-unit garden-style multifamily property in Pensacola, Florida. Senior Director David Etchison of Berkadia’s Birmingham, Alabama office and Senior Managing Director Cole Whitaker of the Orlando, Florida office together completed the $17.8 million sale on behalf of the seller, John Mejia and Alabama-based Providence Investments. The buyer was Florida-based Blue Magma Residential and the deal closed on August 30.
“This disposition is another great example of investors betting on the continued job strength and upward momentum shown in markets across the Florida Panhandle,” said Etchison. “With an increase of 9.1 percent over the past twelve months, Pensacola was just named the number one market in the country for rent growth and Heritage is well-positioned to experience similar growth through continued value-add.”
Located at 6115 North Davis Highway, Heritage features one-, two- and three-bedroom floor plans with large closets, washer/dryer connections and energy-efficient appliances. Community amenities include a barbecue area, laundry facilities, a fitness center, a clubhouse, two pools and a dog park. The property has incredible visibility along North Davis Highway and residents are afforded convenient access to Interstate 110, Interstate 10, Sacred Heart Hospital, the Cordova Mall and the Pensacola International Airport.
Berkadia handled the original sale of this property to Mejia in 2014 for $11.6 million. Blue Magma will be rebranding the property to The Park at Sterling Hills, and has future renovation plans for both the clubhouse and unit interiors.