HOUSTON (April 20, 2022) – Berkadia announces it has arranged the sale and financing of Broadstone Memorial, a 401-unit, 2007 built multifamily community in Houston’s Energy Corridor. Senior Managing Directors Todd Marix and Chris Curry, Managing Directors Jeffrey Skipworth, Chris Young and Joey Rippel, and Director Kyle Whitney of Berkadia Houston represented the seller, AEW Capital Management, a real estate investment management company based in Boston, Massachussetts.
Managing Director Andy Hill and Associate Director Tyler Nowlin of Berkadia Austin secured financing through the U.S. affiliate of an international bank on behalf of the buyer Atlantic | Pacific Companies, a real estate investment and management company based in Boca Raton, Fla.
“Broadstone Memorial is an institutionally owned and maintained multifamily asset in a top-performing submarket with prime visibility and a strategic location next to two of the largest employers in this area,” said Marix. “It has proven value-add on its rent roll and offers new ownership consistent cash-flow and long-term value appreciation.”
Located at 875 North Eldridge Parkway, Broadstone Memorial offers one-, two- and three-bedroom homes ranging from 628 square feet to 1,766 square feet. Individual units feature 10-foot ceilings, wood-inspired flooring, granite or quartz countertops in kitchens, kitchen pantries, linen and walk-in closets, full-sized washer and dryers and a built-in bookshelf, fireplace and wine chillers in select homes. Community amenities include a modern clubhouse, gourmet latte and tea lounge, an executive business center, game room, spin room, a resort-style pool with sundecks and cabanas, charcoal grills, fenced dog park, package lockers and bicycle storage racks.
Broadstone Memorial has a strategic location that is in walking distance to the Energy Corridor, and it is near the Westchase District, Memorial City, Town & Country Village and Ray Miller Park. Atlantic | Pacific will rename the asset The Atlantic Memorial, with plans to make interior and exterior improvements. The renovations will include amenity enhancements and the addition of quartz countertops. Atlantic | Pacific now owns 17 properties in Texas.