Abbey Residential Snags Houston-Area Community
Berkadia arranged the sale on behalf of the seller, Mill Creek Residential. The 396-unit Modera Spring Town Center comprises 21 two- and three-story buildings.
By IvyLee Rosario
Abbey Residential Services Inc. acquired Modera Spring Town Center in Spring, Texas, from Mill Creek Residential. Berkadia’s team of Senior Managing Director Ryan Epstein, Director Jennifer Ray, Associate Director Wes Breeding and Associate Scott Bray represented the seller.
Located at 21801 Northcrest Drive, the 396-unit community features one-, two- and three-bedroom floorplans ranging from 695 to 1,607 square feet. Comprising 21 two- and three-story buildings, the property was originally constructed in 2015 and is currently 94.2 percent occupied, according to Yardi Matrix. Interior features include washer/dryers in all units, high ceilings, fully-equipped kitchens, private balcony/patios and direct garage access in the three-bedroom units. Residents have access to amenities such as a fitness center, business center, clubhouse, swimming pool and 600 parking spaces.
“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.”
Modera Spring Town Center is in close proximity to the new 385-acre Exxon Mobil campus and HP’s new corporate campus currently being constructed.
“Houston’s investment landscape is gaining traction as we continue in 2017,” Epstein told Multi-Housing News. “New commercial retail that will soon open on the corner of Kuykendahl and the Grand Parkway will provide benefit and value to this property.”
Image courtesy of Berkadia