CRE p Tennessee

Berkadia closes four recent multifamily sales in Tennessee, Michigan and Missouri

Berkadia's Affordable Housing Group negotiated four sales totaling more than $30 million for four affordable-housing properties in Tennessee, Michigan and Missouri.

Berkadia's Affordable Housing Group negotiated four sales totaling more than $30 million for four affordable-housing properties in Tennessee, Michigan and Missouri.

Senior directors Eric Taylor of the Detroit office and managing director Aaron Hargrove of the Oklahoma City office closed the $11.3 million sale of King’s Crossing and Tara’s Place apartments, located at 1710 E. Northfield Blvd. in Murfreesboro, Tennessee.

Built in 1995, the 184-unit property features one-, two- and three-bedroom floor plans. Unit amenities include fully equipped kitchens, and select units offer washer and dryer connections. Community amenities include a swimming pool, clubhouse and laundry facility. The property is located three miles from downtown Murfreesboro and less than three miles from Middle Tennessee State University.

Taylor and Hargrove negotiated the $10.95 million sale of Waterview Apartments, located at 1300 Waterview Circle in Hendersonville, Tennessee. The 160-unit property offers two- and three-bedroom floor plans, and unit amenities include fully equipped kitchens, as well as washer and dryer connections. Community amenities include a sand volleyball court, clubhouse and laundry facility. The property, which was built in 1995, is located near Anchor High Marina and The Streets of Indian Lake.

The buyer of both properties was Dominium of Plymouth, Minnesota, and the seller and original developer of both properties was T&R Properties of Columbus, Ohio.

Earlier this summer, Taylor, Hargrove, senior director David Walstrom and director Jason Krug of the Detroit office negotiated $4.25 million for the sale of Arbor Crossings, located at 834 Sheridan Road in Muskegon Township, Michigan. The buyer was Read Property Group of New York, and the seller was Sterling Group, Inc. of Mishawaka, Indiana. The 18-unit property offers one-, two- and three-bedroom floor plans. Unit amenities include patios or decks, fully equipped kitchens, pantry storage and ceiling fans. Community amenities include a swimming pool, sundeck, clubhouse and playground. Built in 1995, the property is less than four miles from downtown Muskegon and less than two miles from Muskegon Community College.

Additionally, Taylor, Hargrove and senior director Phillip Brimble of the Kansas City office brokered the sale of Northeast View Apartments, located at 222 Garfield Avenue in Kansas City, Missouri. The buyer was Trinity-Northeast View, LLC of Chicago, and the buyer was Kci-Northeast View, LLC of Coronado, California. Built in 1972, the 137-unit property features one-, two- and three-bedroom floor plans. Unit amenities include spacious layouts and brick exteriors, while community amenities include quiet areas and convenient access to public transportation. The property is less than three miles from LEGOLAND Discovery Center and two miles from downtown Kansas City.