
Dealmaker: Berkadia Closes $84M in Florida, Georgia Sales
Berkadia, New York, closed $84 million in sales for Florida and Georgia multifamily properties.
In Largo, Fla., Berkadia Senior Director Jason Stanton, Managing Director Cole Whitaker and Senior Directors Hal Warren and Tal Frydman negotiated $54 million for Madison at Largo. The sales price represented $121,622 for each of the property’s 444 units.
Berkadia represented seller Largo Landry LLC, West Springfield, Mass., which purchased the property for $14.3 million in 2011. Since then Largo Landry completed major interior and exterior property renovations.
Stanton said the buyer liked Madison at Largo’s condition and proximity to several major rental demand drivers. He noted that it received more than 15 official property tours and 10-plus competitive offers. “The ultimate price-per-unit was record-setting in Pinellas County for an off-waterfront property with more than 150 units,” he said.
In Atlanta and Norcross, Ga., Berkadia sold two multifamily properties for more than $28 million. Senior Directors Paul Vetter, Andrew Mays and Judy MacManus helped Rosdev Group, Atlanta, sell The Retreat for $14 million and Greentree Real Estate Services, Atlanta, sell Huntington Ridge for $14.8 million.
“In both situations, the buyers were attracted to the strong rental market in Gwinnett County,” Vetter said. “Both properties presented long-term growth potential and a strong tenant base with limited competition in a three-mile radius.”
Both The Retreat and Huntington Ridge are within five miles of Atlanta Media Campus and Studios, a mixed-use development anchored by the largest film and television media complex outside of California, as well as the former GM Doraville Plant redevelopment site. A nearby technology park hosts more than 500 companies including NCR and Cisco.
Vetter said Gwinnett County has a highly rated school system and strong demographics. “The area has a very strong rental market with an average 5.1 percent vacancy rate and increasing rental rates,” he said.