Berkadia Announced the recent $10.1 million sale of Oakdale Square Apartments, a 200-Unit Multifamily Property Located in Bloomington, IN.
Closing yet another deal, BAM is growing it's portfolio at an astonishing rate. Thank you to Chris Bruzas for posting the press release on LinkedIN.
Chris Bruzas and Alex Blagojevich of Berkadia exclusively listed the property for Oakdale Square Apartments, L.P. and completed the sale on January 24, 2017. Oakdale Square was acquired by Barratt Asset Management.
Oakdale Square was developed and owned by Justus Companies for over 40 years. As one of the largest owners and developers of multifamily and senior housing in the state of Indiana, Justus chose to benefit from the high demanding multifamily market.
“Oakdale Square is a great addition to our portfolio; it’s not every day you get to acquire a multi-family asset built in the 1970’s with almost no deferred maintenance. Physically, the property, looks like it was constructed in the early 2000’s and we attribute that to Justus’s long term care for the asset. Our plans, call for renovations to the kitchens, flooring upgrades and adding additional amenities.” Explained Adam Ehret, Principal, VP of Acquisitions & Asset Management for BAM.
“Due to the minimal deferred maintenance and substantial opportunity to renovate the interiors, BAM cashed in on the opportunity to upgrade the units, add value to the real estate and take advantage of the great location in Bloomington” said Bruzas.
The one-, two-, three- and four bedroom units include fully-equipped kitchens with dishwashers, private patio/balcony areas and in-unit washer/dryers or hookups. Residents can also enjoy community amenities, including controlled access, courtyard, playground, volleyball court and laundry facility.
Oakdale square is located at the intersection of South Oakdale Dive and West Bloomfield Road, within proximity to Interstate 69 providing easy access to the Bloomington metro area. The property is conveniently located less than four miles from Indiana University (IU) Bloomington. IU was recognized as one of the 2016 Best Colleges in National Universities by U.S. News & World Report.
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.
© 2016 Berkadia Commercial Mortgage LLC
Read the full press release on LinkedIn