Berkadia obtained a JV equity partner for the off-market acquisition of Wildcreek Apartments, a 242 unit Class B apartment community at 100 Wild Cir.
Chinmay Bhatt, Noam franklin, and Cody kirkpatrick of Berkadia JV Equity & Structured Capital aligned the equity partner, MLG Capital, on behalf of Miami A real estate investment (OREI). MLG has contributed $ 17.5 million in equity towards the $ 34 million acquisition given that the property was purchased with a loan assumption.
OREI intends to implement an interior and exterior “value-added” program, including the addition of stainless steel appliances, updated lighting fixtures, resurfaced counters, backsplashes, new cabinet fronts and vinyl flooring, as well as exterior upgrades such as roof repair / replacement, fitness center renovation, addition of Amazon Lockers, the exterior lighting and new signage / rebranding.
“Our team is proud to feature like-minded sponsors and financial partners when organizing programmatic relationships,” Kirkpatrick said in a press release this week. “In today’s acquisition market, sponsors need to act quickly, and having a reliable financial partner is critical. Wildcreek is the fourth acquisition in the partnership between OREI and MLG, and they plan to be active together in 2022 and beyond. “
Built in 1988, Wildcreek Apartments offers one and two bedroom units ranging from 850 to 1,100 square feet, as well as a swimming pool, fitness center, playground, tennis court, walking trails and cycle paths and around 300 parking spaces.
“OREI remains bullish on the Atlanta MSA, with Wildcreek Apartments being our team’s third Metro acquisition in 2021,” Jerome Hirschfeld, CEO of OREI, said. “The demonstrated rental growth in the South East Dekalb submarket and the lack of upcoming new offerings have sparked OREI’s interest in Wildcreek and are closely aligned with our value-added investment strategy. team for the active. “