Miami operator Bayshore acquires 186-unit Esplanade Apartment Homes
Berkadia has secured a $17.437 million loan on behalf of borrower Bayshore Investment Partners for the acquisition of Esplanade Apartment Homes, a 186-unit, garden-style apartment community located in the Millenia submarket, four miles south of downtown Orlando. Bayshore, a Miami-based multifamily owner/operator, acquired the property for $23.25 million, increasing their Florida-based portfolio to eight properties containing 1,100 units.
Berkadia South Florida Senior Managing Director Mitch Sinberg and Senior Director Brad Williamson provided a Fannie Mae 10-year, fixed-rate loan at a competitive interest rate, with five years interest only, at a 75% loan-to-value ratio. Chad Freedman of Ballaga & Freedman, LLP represented Bayshore in the transaction.
“Orlando multifamily properties are in high demand as the region continues to see above-average job growth,” explained Williamson. “Orlando ranks second only to San Jose in current year-over-year employment growth among the 27 MSAs in the U.S., and has an employment base of over one million jobs.”
“We have a high level of confidence in the future of the Orlando market, and hope to add additional assets like Esplanade to our portfolio,” said Jared Brunnabend, Principal of Bayshore. “The professionalism and deal execution of the Berkadia team enabled us to place attractive financing on a stable, well-located asset that we plan to own and operate long term.”
Built in 2008, Esplanade is a 186-unit, garden-style apartment asset composed of seven three-story buildings offering two- and three-bedroom units. Rents range from $1,100 to $1,300 per month. The property features condo-quality interiors such as granite countertops, faux-wood flooring, upgraded cabinetry and luxurious finishes. Amenities include a swimming pool, brick paver sundeck, whirlpool spa, summer kitchen, fitness/training center, and business center. It is conveniently located close to State Highway 441 and Interstate-4, Orlando International Airport, IKEA Orlando, Mall at Millenia, Millenia Plaza Retail Area, Florida Mall, South Park Office Complex, the Sunrail Station, Lockheed Martin Campus and many other prime destinations and employment centers. The property was 96.8% occupied at the time of sale.
About Berkadia®:
Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.
