By Alex Ciorogar
Prime Property Investors LTD has sold Estates at Fountain Lake, a 306-unit multifamily asset in the Sugar Land submarket of Houston. Berkadia’s Houston and San Antonio offices arranged the sale and financing of the three-story, garden-style building on behalf of the buyer, GPI Investments LLC.
Senior Managing Directors Ryan Epstein and Cutt Ableson, along with Director Jennifer Ray and Associate Scott Bray led the team in arranging the Fannie Mae fixed-rate loan, which includes interest-only payments.
Located at 10498 Fountain Lake Drive in Stafford, Texas, Estates at Fountain Lake spreads across a 13-acre site. Built in 1998, the property features one- and two-bedroom apartments and, according to Yardi Matrix, it is currently 93.5 percent occupied.
Interior amenities feature gourmet kitchens, nine-foot ceilings with double crown moulding, built-in computer desk, walk-in closets, private terraces or balconies, an entertainment serving bar, washers and dryers, microwave ovens and free Wi-Fi. Individual air conditioning and electric heating are just a couple of the services provided by the property.
Common area amenities include:
- controlled access
- fitness center
- business center
- swimming pool
- partial covered parking with 626 spaces
- outside storage
Fort Bend Children’s Discovery Center, AMC Fountains 18 and Sugar Land Regional Airport are all nearby. Interstate 69 Sam Houston Tollway are also a few minutes away from the community.
“As occupancy rates are anticipated to rise in 2018, operators will look to accelerate rent growth, making multifamily assets in high-barrier markets such as Sugar Land compelling options for investors,” said Epstein in prepared remarks. “The 3.6 percent rise in rent growth we expect to see will be encouraged by occupancy that may accelerate nearly 13 percent from 2017 absorption.”
In February 2016, Berkadia arranged a $24 million loan for a 270-unit property in Houston.
Image courtesy of Yardi Matrix