Marlin Spring Sells Houston Luxury Apartments
The community sits 10 miles west of downtown.
Marlin Spring Realty has completed its sale of Oasis at Piney Point, an eight-building, 318-unit garden-style luxury community located at 9100 Westheimer Road in Houston. A Berkadia team represented Marlin Spring, which had acquired the property in 2021. The buyer was DTLA Management, according to Yardi Matrix information. The sale was subject to a $22.2 million loan, the same data source shows.
Oasis at Piney Point was constructed in 2003, and totals more than 293,460 square feet across 10 acres, according to Yardi Matrix. The community offers a mix of one- and two-bedroom living arrangements ranging from 727 to 1304 square feet, in addition to two-bedroom townhomes totaling 1,412 square feet, all connected through landscaped courtyards. The apartments feature optional granite and quartz countertops, stainless steel appliances, hardwood flooring, walk-in closets and private balconies and patios. The community’s amenities include a swimming pool, clubhouse, fitness center, business center, media lounge, as well as reserveable parking and storage units. Situated in Houston’s Mid-West District, Oasis at Piney point is surrounded by nearly 3 million square feet of retail space, in addition to being minutes away from some of the city’s largest employers. The development is 10 miles west of downtown Houston.
The Berkadia team was led by Senior Managing Directors Chris Curry and Todd Marix, Managing Directors Chris Young and Joey Rippel, in addition to Director Kyle Whitney.
Houston’s multifamily heft
Houston continues along its course of stability and promising development and investment returns in its multifamily sector, as the city is one of the first in the nation to fully regain the jobs it lost during the pandemic, in addition to being a hotbed of in-migration. As shown in a July 2022 Yardi Matrix report, the city’s occupancy rate has risen 130 basis points in the last 12 months as of April, to 94.1 percent. In the same period, the city’s total available stock rose to 5,692 units through May, 10 basis points above the national average. Most of the completed projects were in the luxury and lifestyle markets, the data shows.
Another recent luxury transactios in the city is Civicap Partners’ purchase of Metro Midtown, a 419-unit downtown community.