Berkadia has completed the sale of The Reserve at Sawmill, a 149-unit, garden-style multifamily property in Milford, Delaware.
Senior Managing Director Nat Gambuzza and Senior Director Trevor Fiebel of Berkadia Morristown, along with Senior Managing Directors Zac Pierce and Matthew Stefanski, and Associate Director Maura Spellman of Berkadia Philadelphia led the transaction on behalf of the seller.
The Reserve at Sawmill sold for $23.2 million at a 5.71% cap rate. The sales price reflects a per-unit price of $155,705. The property was 100% occupied at the time of the sale.
“Due to the volatile capital markets leading up to the marketing launch, the opportunity was offered with the option of assuming the seller’s fixed-rate debt,” said Fiebel. “The purchaser was able to take advantage of the accretive in-place financing with a blended 4.99% rate between the senior and supplemental loans at 66% leverage.”
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