October 21, 2019
Berkadia arranged the sale of Candlelight Park, a portfolio of four multifamily properties in Davenport, IA, to Colorado-based Monarch Investment and Management Group. The sales price wasn’t disclosed.
Parker Stewart and Alex Blagojevich of Berkadia’s Chicago office, along with Michael Sullivan of the Kansas City office, completed the sale on behalf of the seller, Iowa-based Advance Homes Inc. Peter Benedetto of Berkadia’s Detroit office also secured acquisition financing on behalf of Monarch Investment.
“Since being developed in the 1970s, all four properties were under the same family ownership, and extremely well maintained over the years,” said Stewart. “The physical condition of these buildings, along with the exceptional historic occupancy, offered the buyer both organic and value-add rent upside.”
The properties in the portfolio include the 149-unit Racquet Club, the 147-unit Candlelight Commons, the 70-unit Candlelight Village and the 47-unit Candlelight Park. Monarch said this was its eighth acquisition in Iowa.
Pictured: The Racquet Club.
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