Berkadia Arranges Two Multifamily Sales

IRVING, Tex.–Berkadia has announced the recent sales of two Texas multifamily properties. Partners Tom Burns and Jay Gunn of the Dallas office negotiated the sale of Burn Brae, located at 4200 W. Northgate Drive in Irving. Northgate Investors LLC of Avon, Conn., purchased the asset from The Chancellor LLC of Las Vegas. Burns and Gunn, as well as senior associate Bill King, also brokered the sale of Meadows Point, located at 800 Marion Pugh Drive in College Station. 

“The buyer of Burn Brae was attracted to the repositioning potential of the asset due to its proximity to Las Colinas, President George Bush Turnpike and Dallas/Fort Worth International Airport,” Burns told GlobeSt.com. “The property needed repositioning and was well located in a submarket with comparable assets fetching as much as 25 percent more in rent, offering significant upside to the new owner once the units are improved.”