Berkadia has closed a $21.8 million loan for the acquisition of Anatole on Briarwood, a 250-unit garden-style community in Midland, Texas. According to Yardi Matrix data, NE Development sold the asset to Olympus Property, which recently picked up a 350-unit asset in Katy, Texas.
Senior Managing Director Tucker Knight and Director Nicholas Murphy of Berkadia’s Houston office arranged the 10-year, fixed-rate Freddie Mac loan on behalf of the buyer. Anatole on Briarwood was 95.2 percent occupied at time of the transaction.
Located at 5200 Briarwood Ave., the asset is in the Greathouse area of Midland, close to transit hubs and Midland Park Mall, which is within 2 miles. Moreover, nearby Loop 250 provides easy access to neighboring cities and Midland International Air and Space Port. Completed in 2014, the property’s one-, two-, and three-bedroom units average 965 square feet and are spread across 15 buildings. Common-area amenities include:
- fitness center
- business center
- swimming pool
- covered parking
“As energy prices have displayed a stable trading range between $40 and $50 a barrel, the Midland economy has responded and the multifamily sector is reporting strong fundamentals. As a result of reemerging demand, in concert with seemingly manageable supply volumes, both occupancy and rent growth show positive momentum,” said Murphy, in a prepared statement.
Image courtesy of Yardi Matrix
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