Performance Properties has sold Timberwalk, a 300-unit apartment community in Houston, to Lone Star Capital, in an off-market transaction. Berkadia represented the seller and also secured acquisition financing for Lone Star. The buyer benefited from a $25.6 million, three-year acquisition loan originated by First Foundation Bank, Yardi Matrix data shows.
Completed in 1983, Timberwalk is located at 5635 Timber Creek Place, roughly 4.5 miles from Bear Creek Pioneers Park. The property is close to many retail, dining and entertainment options along Highway 6, several within walking distance.
Common-area amenities include a fitness center, two swimming pools, laundry facilities, a lounge, a spa, a playground and picnic areas with barbeque grills. The units range from 501 to 1,088 square feet, with select apartments featuring stainless-steel appliances, washer and dryer connections, fireplaces and storage units.
Berkadia Managing Directors Chris Young and Joey Rippel, Director Kyle Whitney, Managing Director Jeffrey Skipworth and Senior Managing Directors Chris Curry and Todd Marix worked on behalf of the seller. Director Johnny King secured acquisition financing. The same team that represented the seller recently brokered another multifamily transaction in Houston, on behalf of Sentinel Capital. Bridgewater Apartments is a 206-unit garden-style affordable community which doubled its value in four years.