Berkshire Residential Buys Houston Community
The sale of the 276-unit Vargos on the Lake marks the first time the property changed hands since it came online in 2015.
Vargos on the Lake. Image courtesy of Yardi Matrix
Berkshire Residential Investments has purchased Vargos on the Lake, a 276-unit community in Houston. According to Yardi Matrix data, developer Hunington Properties sold the asset.
The new owner financed the acquisition with a $32.4 million, three-year loan provided by East West Bank, per Harris County records. Located at 2411 Fondren Road, the community is close to local branches of BBVA Bank, BHP and Allegiance Bank, while Houston’s Energy Corridor is just 10 miles away.
Completed in 2015, the asset comprises guest suites and one- to three-bedroom apartments in three buildings, with floorplans ranging from 609 to 2,121 square feet. Common-area amenities include a fitness center, dog park, outdoor fireplace and internet gaming room. As of May, the property was 84.4 percent occupied, Yardi Matrix shows.
Recently, Hunington Properties received a $32.2 million FHA-insured loan to develop The Vic at Southwinds Apartment Homes in Baytown, Texas. The 265-unit community is expected to welcome residents in the summer of 2020.
