BOSTON-Berkshire Income Realty, a lcoally based REIT, will exchange a 276-unit multifamily property in Florida for a 282-unit apartment property in Virginia under separate agreements with undisclosed parties. The company, which owns apartment communities in Texas, Maryland, Illinois, Florida and Virginia, agreed to sell the Windward Lakes Apartments in Pompano, FL for $34.7 million. In exchange for that property, Berkshire Income picks up the Lake Ridge Apartments in Hampton, VA for $34.2 million.
Phil Darby, with Berkshire Income, declined to discuss details of either transaction, saying the firm does not comment on sales or acquisitions. The trade is expected to close soon.
The company's latest acquisition is a newly built gated community located off Interstate 64 at 900 Lake Ridge Rd. in Hampton. The 282 two- and three-bedroom units range in size from 1,000 sf to 1,200 sf with rents starting at $955 per month. The complex features a fitness center and clubhouse along with a swimming pool and business center. According to records on file with the Hampton Assessors office, the property was purchased from Lake Ridge LLC.
Windward Lakes is situated at 4001 SW 15th St in Pompano. Berkshire owns 22 multifamily residential communities throughout the east, west and Midwest.
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