October 14, 2019— Berkadia today announced that it has secured both the equity and debt financing for the acquisition of Mira Vista Apartments, a 200-unit garden-style property located in Austin, Texas. Senior Director Brad Williamson of Berkadia’s Miami office arranged the debt financing on behalf of the buyer, Miami-based One Real Estate Investment (OREI). Berkadia’s Joint Venture Equity & Structured Capital Group, led by Noam Franklin, Chinmay Bhatt and Cody Kirkpatrick, delivered a NYSE-traded REIT as the equity partner.
Berkadia provided a $15.1 million, ten-year, fixed-rate loan with a 3.24 percent interest rate and five years interest only. The property was 97 percent occupied at the time of sale.
“One Real Estate Investment acquired this property in an off-market transaction after a previous offer fell through,” said Williamson. “OREI will execute a value-add program, including upgrades to the common area and exterior upgrades, rebranding and bringing on institutional quality management and will also be looking to implement green initiatives including water and energy savings programs throughout the property.”
“We are excited that OREI trusted us to help them identify a partner, after having closed multiple transactions with them this year. Given OREI’s established platform and track record, we were confident institutional capital providers would be keen to align themselves with a sponsor of this quality on an off-market opportunity in Austin with real value-add upside,” added Franklin.
Led by CEO and Founder, Jeronimo Hirschfeld, OREI has acquired over 2,000 multifamily units this year.
Built in 1983, Mira Vista Apartments is a 200-unit, garden-style multifamily community composed of 32 one-bedroom units and 168 two-bedroom units ranging from 650 square feet to 960 square feet. Amenities include a bark park, clubhouse, community BBQ grill area, courtyard, playground, sauna, recycling, refreshing pool with sundeck, resident business center with internet access, pool, Wi-Fi hotspot area around the pool area, and 400 parking spaces.
The property is conveniently located within a mile from Interstate 35, providing easy access to several shopping centers, schools and a major transit stops. It is situated 7.8 miles from downtown Austin and 13 miles from Austin-Bergstrom International Airport (ABIA).