MLG Capital Acquires Reserve At Palmer Ranch Multifamily In $70.5M Deal

The 320-unit Reserve at Palmer Ranch apartment property in Sarasota, Florida has been sold for $70.5 million. MLG Capital purchased the property from Strategic Holdings. The transaction was facilitated by Berkadia, acting as the broker. Freddie Mac provided $56.3 million in financing for the deal.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $70,500,000
• Buyer: MLG Capital - Timothy Wallen
• Seller: Strategic Holdings - James Backner
• Lender: Freddie Mac
• Broker: Berkadia

The apartment property, built in 1990, consists of 320 units with a range of up to three bedrooms. MLG Capital secured a 10-year fixed-rate loan for the purchase, with interest-only payments. The financing offered by Freddie Mac played a crucial role in the transaction.