Berkadia Institutional Solutions announced the sale and financing of a 55+ rental community in Dallas, Georgia. Earlier this month, Levin Pro LTC covered the sale of the community, which was Hardy Springs, a 149-unit single-story, built-for-rent community in the Atlanta suburb. Managing Director Russ Hardy of Berkadia Atlanta and Directors Brooks Minford and Simona Wilson of Berkadia Seniors Housing and Healthcare completed the $47.75 million, or $320,000 per unit, sale on behalf of the seller, Georgia-based Highlands Residential. John Bray of Berkadia arranged acquisition financing through Fannie Mae to support the transaction.
The buyer is South Carolina-based and emerging active adult acquirer Blaze Capital Partners, which just announced this week its second 55+ community acquisition. Blaze also acquired Annabelle on Main, a 180-unit community in Duluth, Georgia (Atlanta MSA). Co-founder of Blaze Capital Partners Chris Riley continues to expand and look for opportunities in the Atlanta area.
