Sentinel Capital has sold Bridgewater Apartments, a 206-unit garden-style affordable community in Tomball, Texas. The buyer is a partnership composed of Tranquility Capital, Abundance Equity Partners and Rubio Investors. Berkadia worked on behalf of the seller and secured financing for the new owner. Ready Capital provided $24.5 million in financing for the acquisition, according to Yardi Matrix.
Bridgewater Apartments is located at 1100 Graham Drive and encompasses one- and two-bedroom units, with floorplans ranging from 670 to 944 square feet, equipped with walk-in closets, utility rooms and private balconies. Common-area amenities include a swimming pool, a spa center, a clubroom, a business center, storage closets, picnic areas and 275 parking spots.
Built in two phases, in 1979 and 1982, the five-building property is located between Tomball Marketplace and HCA Houston Healthcare Tomball, 6 miles from David Wayne Hooks Memorial Airport and 15 miles from City Place Plaza. The affordable community is close to major employers in the area, such as Baker Hughes, Methodist Willowbrook Hospital and ExxonMobil.
Berkadia’s Managing Directors Chris Young and Joey Rippel, Director Kyle Whitney, Managing Director Jeffrey Skipworth, Senior Managing Directors Chris Curry and Todd Marix represented Sentinel Capital.
This summer, Sentinel Capital acquired a 268-unit garden-style community in Katy, Texas, for $68 million.