Berkadia Negotiates Multi Million Dollar Portfolio Transaction with Acquisition of 11 Apartment Communities in Four States

David Oakley

BIRMINGHAM, AL --- Berkadia, one of the nation’s largest and most active multifamily investment banking and research companies, recently negotiated the sale of the 2,826-unit Star Portfolio consisting of 11 separate apartment communities with an average age of 29 years located in four states – Maryland, Pennsylvania, North Carolina and South Carolina.  The purchase price for these assets was $316 million.  

Berkadia’s Senior Managing Directors David Oakley and Scott Melnick negotiated the transaction on behalf of the buyer, Morgan Properties JV an affiliate of Morgan Properties, one of the nation’s largest multi-family owners.   Deutsche Bank represented the seller.  

The Star Portfolio includes two apartment communities in Raleigh, N.C., one each in Lexington and Rock Hill, S.C., one in York Pennsylvania; and six in suburban areas of Maryland. 

All of the properties are located in very desirable, high-barrier submarkets in close proximity to major development hubs and public transit.  

Scott Melnick

The Star Portfolio properties include suburban Maryland apartment communities of Silver Spring Station, Westerlee, The Willows, St. Mary’s, Taylor Park and Willowood; in Pennsylvania, The Geens at Westgate; in South Carolina, The Waterway and Forest Oaks; and in Raleigh, N.C., Falls Creek and Heather Park.

Buyer Morgan Properties will execute an extensive, multimillion dollar value-add repositioning plan in aggregate to enhance the value of each property, and their renovation strategy will include premium kitchen and bath renovations and top-of-the-line amenity upgrades.

Berkadia is one of the nation’s largest and most active multifamily investment banking and research companies.

For a complete copy of the company’s news release, please contact:

Larry Vershel or Beth Payan, Larry Vershel Communications (407) 644-4142, lvershelco@aol.com