Cushman & Wakefield has arranged the sale of the Beltway Portfolio, six multifamily properties totaling 2,115 units. Justin Shuart and Jason Pumpelly, from the company’s equity, debt and structured finance team in Dallas, brokered the deal on behalf of the buyer, Nicholas Residential. Hudson Advisors sold the assets, which are spread throughout the outskirts of Houston, near Beltway 8.
The collection includes Chelsea Park and Riviera Pines in Houston, South Grand at Pecan Grove and Country Club Place in Richmond, Texas, The Veridian in Webster, Texas, and Skyhawk in Friendswood, Texas. All the properties are garden-style communities, completed between 1968 and 1984. According to Yardi Matrix data, at the time of the transaction, the assets had an 80 percent or above occupancy rate.
“We’ve been active in Houston in the past, but this was the right time to once again expand into the market. We’re confident in the viability and growth of the Houston housing market, particularly in and around Friendswood and Sugarland,” said Paul Panza, president & chief executive officer of Nicholas Residential, in a prepared statement.
Recently, Cushman & Wakefield negotiated the sale of Alta Gateway Station, the first LEED Platinum-certified apartment building in Utah.
Images courtesy of Yardi Matrix
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