Berkshire Completes $62M Texas M-F Sale
- May 05, 2008
Berkshire Income Realty Inc. has completed the sale of St. Marin/Karrington Apartments, a 600-unit multi-family apartment community located in Coppell, Texas. The sale price of the property was $62 million, or $103,000 per unit. According to a SEC filing, the Berkshire originally acquired the property from WHCO Real Estate L.P. a Delaware limited partnership, in October 2003 for $26.1 million. Along with the sale, the buyer assumed the principal balance outstanding on the mortgage loan, which is secured by the property. The principal balance outstanding was $31.4 million and was credited against the purchase price to the seller at closing. The buyer was an unaffiliated third party. Berkshire president & CFO David Quade said, “The sale … represents a significant profit realized from the conclusion of the very successful investment which created substantial value for our shareholders,” adding that the firm is, “currently evaluating options in which to reinvest those profits.” Berkshire Income Realty owns interests in 25 multi-family apartment communities in the Baltimore/Washington, D.C., metropolitan area, Virginia, Houston, Dallas, Chicago, Austin, Charlotte, Atlanta, Georgia, Sherwood, Ore., and Tampa. As reported by CPN, Dallas-based Jackson-Shaw broke ground last week on two Marriott hotels and announced the completion of the first phase of The Cascades at The Colony, a 100-acre community in the Dallas suburb of The Colony. In Fort Worth, the Trademark Property Co. has formed a partnership with RP Partners and local investors to purchase seven acres along Interstate 30 and the Trinity River. They have plans to start construction in less than 90 days on a $100 million mixed-use project.