September 11, 2020
Berkshire Property Holdings has made its second and largest multifamily investment in the Dallas Metroplex in the span of eight months, acquiring a two-property, 568-unit apartment portfolio in Richardson from a local investor for $56.8 million. Florida-based Berkshire will undertake a multi-million-dollar renovation program across the portfolio as units roll.
“Pre-pandemic, Texas was one of the leaders in both job and population growth in the United States, creating tremendous demand for quality and affordable housing,” said Berkshire CEO Zamir Kazi. “The diversity and strength of the state economy bode well for recovery and we want to be here in a significant way when that happens.”
Berkshire leveraged the acquisition with 10-year agency financing from Freddie Mac, which was arranged by CBRE’s Brian Eisendrath and his team. William Jarnagin, Jay Gunn, Taylor Hill, Tom Burns and Michael Ware in the Dallas office of Berkadia represented both parties in the transaction.
Pictured: The Parks at Walnut in Richardson.
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