504-Unit Community Changes Hands in Houston
GVA Real Estate Investments purchased Sandridge using $38.9 million in financing from Ready Capital. The property spreads across approximately 19 acres and comprises 41 buildings.
GVA Real Estate Investments has purchased Sandridge, a 504-unit community in the Houston metro area. Kohlberg Kravis Roberts & Co. sold the asset in a transaction which, according to Yardi Matrix data, involved a $38.9 million loan held by Ready Capital. The community was 98.6 percent as of January.
Located at 4025 Burke Road, Sandridge is 16 miles southeast of downtown Houston. The asset is within 5 miles of the interchange between Interstate 45 and Sam Houston Tollway. There are several dining and shopping establishments within a 2-mile radius and Almeda Mall is roughly 5 miles of the property.
Completed in 1981, the community encompasses 41 two-story buildings and spreads across more than 19 acres. The one-, two- and three-bedroom units range from 602 to 1,104 square feet. All apartments feature washers and dryers and have vaulted ceilings. Common-area amenities include a fitness center, five swimming pools, a clubhouse, a spa, a playground, a tennis court, several laundry facilities and 700 parking spaces.
Image courtesy of Yardi Matrix