Berkadia Completes Sale and Arranges JV Equity for 271-Unit Multifamily Property in Austin MSA
Manor, Texas – January 14, 2025 – Berkadia, a leader in the commercial real estate industry, announced today that it has completed the sale and arranged the joint venture equity for The Grand at Manor, a 271-unit, garden-style multifamily property in Manor, Texas, within the Austin MSA. Senior Managing Director Kelly Witherspoon, Managing Director Justin Cole, and Directors Adam Sumrall and Justin Chambers of Berkadia Austin led the sale on behalf of the seller, California-based Bailard.
Senior Managing Directors Cody Kirkpatrick, Noam Franklin, and Chinmay Bhatt as well as Senior Director, Matthew Tu of Berkadia JV Equity & Structured Capital sourced the joint venture equity from a foreign-based family office for Presidium, a Texas-based real estate developer, owner, and operator.
“The growth of submarkets like Manor over the last five years within the Austin MSA has been phenomenal, notably due to how expensive Austin proper remains. This is a great buy for Presidium and we’re thankful for their smooth execution,” said Witherspoon.
“In the current environment, our team is still able to source Institutional joint venture equity for experienced, vertically integrated, multifamily sponsors that are able to identify opportunities in markets they have historically been active like Presidium in Austin,” said Franklin.
Located at 10700 Genome Drive, The Grand at Manor is a Class-A apartment community within a 1-mile walking distance from Manor ISD’s three primary schools and allows residents access to key major retail centers within Manor and affords easy connectivity to the entire Austin MSA via Highway 290 and Highway 130. The property was developed in 2021 and is built across 12.47 acres and provides residents with stylish and thoughtfully designed interior finishes which include kitchen islands with granite countertops, Whirlpool stainless steel appliances, sleek custom cabinetry, and more.