FAYETTEVILLE, NC - Berkadia announces it has secured a loan for the acquisition of Ardmore Pointe, a 291-unit apartment community located in Fayetteville, North Carolina. Senior Managing Director Mitch Sinberg of Berkadia’s Boca Raton office and Managing Director Brad Williamson of Berkadia’s Miami office secured the financing on behalf of One Real Estate Investments (OREI), a privately owned, Miami-based real estate investment and asset management company.
Berkadia originated the Fannie Mae-backed, 3.01% fixed rate for 10-years on an acquisition loan, at 65 percent loan to value.
This is the second apartment acquisition loan Berkadia has arranged for sponsor OREI in the past 30 days. In May, Berkadia secured debt for OREI’s acquisition of the 192-unit Element at University Park in College Station, Texas.
“With limited new multifamily development in the Fayetteville market over the past few years, occupancy at this property is strong – above 95 percent – and the new owners have the opportunity to generate more value with enhancements to the fitness center, existing dog park and the addition of a new walking trail,” said Williamson. “Thus far, the Fayetteville market has fared well during Covid-19. OREI added their second asset in this market to their portfolio, Plantation at Fayetteville, last year.”
“As we increase our national presence, OREI has continued to invest in North Carolina multifamily. This is our third acquisition in the state and we are positioned for sustained growth of our portfolio,” said Jeronimo Hirschfeld, CEO and Founder of One Real Estate Investment.
Located at 3325 Oak Forest Dr, Ardmore Pointe was built in 2012 and is a garden-style (three-story) property with one-, two- and three-bedroom floor plans. Average unit size is 1,051 square feet. Community amenities include a clubhouse and pool, pet play area, fitness center and car wash station. The property is well-located in the growing southwest section of Fayetteville, minutes from local schools, shopping centers, restaurants and large employers such as Fort Bragg, and the new VA medical center.