Berkadia announces it has arranged the sale of the Houston Value-Add Multifamily Portfolio, a four-property portfolio consisting of 1,556 apartment units in three suburbs of Houston. Managing Directors Joey Rippel, Chris Young and Jeffrey Skipworth, Director Kyle Whitney, and Senior Managing Directors Todd Marix and Chris Curry of Berkadia Houston marketed the portfolio on behalf of Austin, Texas-based GVA Real Estate Group. The buyer was a joint venture between Stonewall Associates (Houston) and Nord Group (New York).
“Houston is one of the nation’s leading metros for population growth, economic growth and apartment demand,” said Rippel. “Its strong drivers coupled with its relative yield and lack of rent control, in contrast to other gateway and Sunbelt markets, has attracted a record influx of capital this year, especially to workforce housing. Portfolios, in particular, have been heavily sought after, because investors can outlay more capital at once with immediate scale in a healthy Texas market.”
The properties in the portfolio are:
· Mosaic (504 units) located at 4025 Burke Road in Pasadena, Tex.
· Huntington Glen (364 units) located at 12023 Bissonnet Street in Houston, Tex.
· The Onyx (438 units) located at 10300 S Wilcrest Drive in Houston, Tex.
· The Avenue (250 units) located at 5050 Yale Street in Houston, Tex.