CHARLESTON, S.C. – May 31, 2019 – Berkadia announced today the $24.4 million sale of Hawthorne at Forestdale, a 234-unit garden-style multifamily property in Burlington, North Carolina. Managing Director Mark Boyce and Associate Director Blake Coffey both of Berkadia’s Carolinas office completed the sale on behalf of the Alabama-based seller. The buyer is based in Texas, and the deal closed on May 30. Senior Managing Director Richard Levine of Berkadia’s Atlanta office sourced a Fannie Mae loan on behalf of the buyer.
“This was a well-executed transaction from all parties involved—both buyer and seller were great to work with, and our Berkadia debt team was able to execute the financing ahead of our scheduled closing,” said Boyce. “Secondary markets in the Carolinas continue to be a hot topic amongst investors.”
Located at 3551 Forestdale Drive, Hawthorne at Forestdale features studio-, one-, two- and three-bedroom floor plans with large walk-in closets, interiors with modern finishes and private patios or balconies. Community amenities include a saltwater pool with sundeck, playground, cyber café, community pond, on-site laundry facilities, a 24-hour fitness center and dog park.