Nord Group acquired the 228-unit Edgewater Apartments
Berkadia announces it has arranged the sale of Edgewater Apartments, a 228-unit, Class A garden-style multifamily apartment community located in Lake Jackson, Texas, a highly livable suburb of Houston.
Senior Managing Directors Chris Curry and Todd Marix, Managing Director Jeffrey Skipworth, Managing Directors Chris Young and Joey Rippel, and Director Kyle Whitney of Berkadia Houston, along with Director Adam Sumrall, Senior Managing Director Kelly Witherspoon, Senior Directors Justin Cole and Michael Gonzalez of Berkadia Austin represented the seller, Redwood Capital Group out of Chicago, IL. A New York-based buyer acquired the property for an undisclosed price.
“Edgewater is consistently one of the top-performing multifamily assets in Lake Jackson with limited competition. The regional economy is anchored by a healthy and expanding petrochemical industry and will drive new housing demand and strong fundamentals,” said Curry. “Edgewater will continue to perform well and drive cash flow for the new owner."
Completed in 2005 and located at 514 That Way St., Edgewater consists of 19 two-story residential buildings and one one-story clubhouse on a 12-acre site. The pet-friendly, gated community offers one- and two-bedroom floor plans ranging from 742 square feet to 1,319 square feet. Individual units feature built-in desks and bookshelves, garden-style bathtubs, expansive walk-in closets and private patios and balconies.
Community amenities include beautifully landscaped social areas, a pool, an elegant clubhouse with a business center, picnic arbor with gas grills, an enclosed pet park with agility equipment and a fully equipped 24-hour fitness center. Reserved parking, detached garages and storage units are available.
Edgewater is located approximately 45 minutes south of Houston in Lake Jackson in Brazoria County, consistently ranked one of the best places to live in Texas, and within a short drive to two of the major petrochemical companies, Dow Chemical and BASF. Other major employers nearby include Olin, Wood, Brazos Mall and St. Luke’s Health- Brazosport Hospital.
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.
