Dealmaker: Berkadia Closes $89M in Multifamily Sales

(Lowry North, Denver. Photo courtesy of Berkadia)

Berkadia, New York, closed $89 million in multifamily property sales in Denver, Colo., and Urbana, Ill.

In Denver Berkadia sold Lowry North, a 192-unit, garden-style property located at 8001 E 11th Ave. Managing Director Nick Steele and Director Nate Moyer of Berkadia Denver led the transaction.

“Lowry North garnered a significant amount of interest given the size, vintage, location and quality of the asset,” Steele said, noting the property has had only two owners and one management company since it was built in 2002.

Lowry North includes 66 one-bedroom, 96 two-bedroom and 30 three-bedroom apartments.

In Illinois, Berkadia closed the $38 million sale of Town & Country, a 662-unit garden-style property. Managing Director Ralph DePasquale of Berkadia Chicago led the transaction on behalf of the seller, Colorado-based Monarch Investment and Management Group. Michigan-based MF Capital acquired the 98-percent occupied property on February 20.

Located at 1032 E Kerr Ave, Town & Country is within walking distance of the University of Illinois’ newer engineering campus as well as downtown Urbana. The Carle Foundation Hospital, the largest medical facility in the area, is also nearby. Town & Country delivered in phases between 1970 and 2007 and has 662 residential units and an adjacent 52-unit self-storage facility.