Berkadia arranged the sale of a 396-unit multifamily asset in Spring, Texas, just outside of Houston. Abbey Residential Services Inc. acquired Modera Spring Town Center, located at 21801 Northcrest Drive, from Mill Creek Residential.
The Houston-based Berkadia team of Ryan Epstein, Senior Managing Director; Jennifer Ray, Director; Wes Breeding, Associate Director; and Associate Scott Bray, represented the seller in the transaction.
“Houston’s multifamily market is poised for a recovery in the near term with apartment absorption expected to exceed 28,000 units in 2017,” said Epstein. “With the supply pipeline winding down, and considerable job growth on the horizon, occupancy is expected to trend upward, with rents recovering. Savvy investors are recognizing this is a good time to acquire quality institutional assets in a major metropolitan area at normalized cap rates on temporarily depressed rents.”
Developed in 2014, Modera Spring Town Center offers luxury, garden-style multifamily homes to residents of north Houston, in close proximity to the new 385-acre Exxon Mobil campus and a corporate campus for HP currently under construction. The gated community features one-, two, - and three-bedroom units, and is close to top schools and at walking distance to nearby retail centers.
Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.