Broadstone Sierra Pines, a 341-unit Class A community in Woodlands, Texas, has changed hands. Olympus Property acquired the asset and immediately rebranded it as Olympus Sierra Pines. Berkadia secured the sale and financing of the property.
Senior Managing Director Ryan Epstein and Director Jennifer Ray of Berkadia’s Houston office were part of the team that represented the seller, Alliance Residential Co., while Senior Managing Director Tucker Knight and Director Nicholas Murphy secured the loan on behalf of the buyer. The 10-year loan was provided by Fannie Mae.
Located at 1615 Sawdust Road on approximately 10 acres, the three-story property is part of the renowned Woodlands master-planned community, one of the most difficult areas to build multifamily in Houston. Several shopping centers such as Picasso Village and Wood Winds as well as entertainment venues including Cinemark at Market Street, GenuWine Tasting Room, Topgolf and The Woodlands Resort, are all nearby.
Built in 2014 by Alliance Residential, the property provides a mix of one- and two-bedroom units ranging from 637 to 1,411 square feet. In-unit amenities incorporate granite countertops, stainless steel appliances, solid bamboo flooring, washer/dryer and tile backsplashes. Olympus Sierra Pines features common-area amenities such as:
- fitness center
- business center
- clubhouse with billiards
- swimming pool
- outdoor kitchen with grilling area
- hospitality lounge
- 457 parking spaces
According to Yardi Matrix data, the community had an average rental rate of $1,135 as of November and was 90.6 percent as of October.
In another recent deal, Olympus Property acquired Fusion, a 280-unit community in Irvine, Calif. The property is near Interstate 405, about 3 miles from John Wayne International Airport.
Image courtesy of Yardi Matrix