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20-Property Sunbelt Multifamily Portfolio Trades for $458M
Newmark Multifamily has facilitated a $457.5-million sale and $365M-million financing of a 20-property multifamily portfolio spanning from the Carolinas to Oklahoma. The 2,899-unit portfolio was sold for New York-based Cedar Grove Capital to Austin-based GVA Real Estate Group.
Vice chairmen Dean Smith and John Heimburger and senior managing director Jason Kon were the sole brokers on the sale transaction. The firm’s Multifamily Capital Markets vice chairman Tip Strickland and executive managing directors Henry Stimler and Bill Weber secured a $325-million acquisition loan and a $40-million capital improvements loan from Benefit Street Partners Realty Trust and Franklin Templeton on behalf of GVA.
“We are very proud that we could help all parties involved in the transfer of this massive portfolio sale in an uncertain market,” said Stimler.
The portfolio includes 16 assets in North Carolina, three in South Carolina and one in Oklahoma City.
- ◦Sale/Acquisition
