Berkadia, a distinguished leader in the commercial real estate sector, announced the sale of West Woods Apartments, a 268-unit, institutional-quality multifamily community located in Pensacola, Florida.
Managing Director David Etchison of Berkadia Central & North Florida led the transaction on behalf of the seller, Benefit Street Partners.
“West Woods presented a remarkable opportunity for investors seeking a well-located, institutional-quality asset with significant potential for income growth due to the affluent tenant base,” explained Etchison. “Additionally, the buyer was able to assume in-place HUD financing with two below-market 40-year loans expiring in 2061.”
Located at 3202 West Nine Mile Road, West Woods was built in 2016/2017 on a 14-acre site and consists of 12 three-story, wood-frame residential buildings, a clubhouse, leasing office, and two maintenance buildings. The community offers one-, two- and three-bedroom floor plans averaging 1,087 square feet. Individual units offer gourmet kitchens with granite countertops and stainless steel appliances, plank flooring, 9-foot ceilings and vaulted ceilings on the third-floor, spacious walk-in closets, Bahama-style storm shutters, washer/dryer units, and breezeway entrances on first floors.
Amenities at the pet-friendly, gated-community include a clubhouse, two 24-hour fitness facilities, two resort-style pools, two dog parks, business center, playground, 24-hour pet spa, car care center, fire pit, ping pong table, and detached garage rentals.
West Woods Apartments offers a prime location with excellent visibility along one of Pensacola’s main arteries, West Nine Mile Road, offering residents immediate access to Interstate 10, which connects the property to the area’s major economic hubs, airport, and pristine beaches. The property is 20 minutes north of Downtown Pensacola, and less than five minutes from the Navy Federal Credit Union, one of Pensacola’s largest employers.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
