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Transaction Total:
$347,815,000
Winners:
Tom Burns, Jay Gunn, William Jarnagin
Company:
Berkadia
Award Highlights:
  • A 568-unit two property portfolio, consisting of the Parks at Walnut and Ninety-Nine44 at Walnut, in Northeast Dallas. We had been through the best and final process and just awarded the properties to an out-of-state buyer when the COVID-19 shutdowns began. Despite the initial uncertainty of the market during that time, we were able to move forward with the deal and ultimately get it closed at above our original strike price.
  • Windridge, a 720-unit, B-Class property in Grand Prairie was also just launched when the COVID-19 shutdowns began. We ultimately decided to pause that process in the second week of marketing. We provided regular updates on the marketplace to the seller and closely monitored the operations at the property. As things began to open back up in Texas, we had several groups who had looked at the deal at the onset of marketing who reached back out to express interest. One of those was a local group in a 1031 exchange. They had a need to place the capital immediately and were very aggressive. Despite collection issues related to the pandemic, we were able to negotiate a deal on behalf of the seller at our original strike price. Even though the escrow period was in the middle of the holiday season, the buyer closed in under 50 days.
  • The focus by the Berkadia team to work as a cohesive unit, despite mostly working remotely, played a significant role in getting these deals to the finish line with fantastic results for the team's clients.

The Berkadia Dallas Team, like many teams in the marketplace, was defined by its persistence in 2020 and commitment to not only our clients but to one another. 2020 was a difficult year for all, but the team was still fortunate enough to complete a few significant transactions.

Parks at Walnut and Ninety-Nine44 at Walnut along with Windridge had significant challenges, just as every sale closed in 2020 did. The focus by the Berkadia team to work as a cohesive unit, despite mostly working remotely, played a significant role in getting these deals to the finish line with fantastic results for the team's clients.

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Inside The Story
Tom Burns
Jay Gunn
William Jarnagin
About the Author

Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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