Lantower Residential Sells Southeast Houston Community
The 268-unit garden-style community located off Interstate 45 last traded in 2014.
Lantower Residential has sold Magnolia Grove, a 268-unit garden-style community in southeast Houston. Berkadia assisted the seller and secured a 10-year, floating-rate Freddie Mac loan on behalf of the buyer, a Dallas-based private investor. According to Yardi Matrix data, Lantower had acquired the asset in 2014 from RB Associates.
Built in 1984, the 22-building property comprises one- and two-bedroom units with walk-in closets and private patios. Common-area amenities include a clubhouse, swimming pool and fitness center. According to Yardi Matrix, the asset was 91.4 percent occupied as of December 2019.
Located at 12601 S. Green Drive on 9 acres, the community is just off Interstate 45 and within 6 miles of William P. Hobby Airport. The area includes several retail destinations along I-45, including Almeda Mall and Almeda Crossing.
Berkadia’s Senior Managing Director Ryan Epstein, Director Jennifer Ray and Associate Director Scott Bray represented the seller in the transaction, while Senior Managing Director John Koeijmans and Associate Director Austin Blankenship arranged the acquisition financing. In October 2019, Epstein and Ray assisted the seller of a 276-unit community in Houston.