Emery Bay units have new granite countertops and cabinets, 9- or 10-foot ceilings and wraparound patios or balconies. Amenities include a clubhouse with business center and cyber cafe, fitness center with a yoga room, swimming pool with spa, volleyball court, bark park and laundry facility.

Additional storage, private garages and reserved covered parking are available. In-place average effective rent at Emery Bay is $1,254 per unit and the property is 94% occupied.

Berkadia secured financing for the acquisition of Emery Bay at Lakepointe. Senior managing director Mitch Sinberg and associate director Matt Robbins of Berkadia's South Florida office, along with senior managing director Robert Falese and managing director Matthew Cullison of Berkadia's Philadelphia office, secured the loan on behalf of the borrower, American Landmark Apartments. Fannie Mae provided the 10-year fixed-rate loan with full-term interest only through its Green Rewards program.

“Shortly after American Landmark tied the deal up, we utilized Fannie Mae's streamlined early rate lock to take all interest rate risk off the table to get us to closing,” Robbins tells GlobeSt.com. “Our Fannie Mae team was more than comfortable with this due to the sponsor's business plan and similar success stories they have had in this market.”

American Landmark will carry out approximately $3.5 million in capital improvements on the property, including upgrades to unit interiors and amenity enhancements. These include installing new appliances, plank flooring and washer/dryers in all units, and updating fixtures and installing USB ports. The firm will also upgrade the clubhouse and pool area, enhance landscaping, and install a new package delivery locker system.

Sales of properties priced between $1 million and $10 million made up 43% of sales during the past 12 months. The average first-year returns for these properties was 6.1%, according to the Marcus & Millichap report.