Houston Garden-Style Community Trades Ownership

By Anca Gagiuc

Berkadia’s Houston office intermediated the sale of Grand Mason at Waterside Estates, a garden-style community located in Richmond, Texas. The company worked on behalf of the seller, Grand Mason Partners Ltd., a partnership sponsored by BC Realty Partners of Dallas and The Bets Cos. of Houston.

The sale price is unconfirmed, but Yardi Matrix data shows that the current sale was subject to an $18.5 million loan held by Key Bank. The data provider also reports that the new owner of the property is Fort Worth-based Crescent Real Estate.

Flourishing submarket

Built in 2015, the 229-unit, five-building community occupies nearly nine acres in southwest Houston at 9900 South Mason Road, in the Katy/Cinco Ranch/Waterside submarket, near major transit routes and retail destinations. Grand Parkway and Westpark Tollway are roughly five minutes away, while The Shops at Bella Terra, Kroger Marketplace and Bank of America Financial Center are a bit further away.

Grand Mason’s unit mix consists of one-, two- and three-bedroom floorplans ranging from 620 to 1,326 square feet. Units feature private balconies/patios, walk-in closets, crown molding, stainless steel appliances, wood-grained plank flooring and outside storage. Common-area amenities include:

• controlled access
• fitness center
• business center
• clubhouse
• swimming pool with outdoor grills
• media room
• pet park
• 288 parking spaces

Berkadia’s team included Senior Managing Director Ryan Epstein, Director Jennifer Ray and Associate Director Scott Bray.

“Houston’s suburban areas will continue to attract investors with strong components, such as prominent amenities, recently built apartments, and absorption rates that outpace new units coming online,” said Epstein in prepared remarks. “Over the last 12 months, the Katy/Cinco Ranch/Waterside submarket has seen almost 2,000 units become occupied, noticeably exceeding the 1,000 units added.”

Images courtesy of Yardi Matrix