Berkadia Arranges Sale, Financing of TX Property
- Sep 14, 2018
Real estate service provider Berkadia has arranged the sale and financing for Alexan Auburn Lakes, a 346-unit Class A multifamily community in metropolitan Houston. The property is situated only a short distance from the upscale Woodlands community.
Built in 2015, Alexan Auburn Lakes is located at 600 W. Rayford Road in Spring, Texas, in suburban Harris County. The property offers one-, two- and three-bedroom units with wood vinyl floors, granite countertops, stainless-steel appliances, USB ports, keyless entry systems, kitchen islands and built-in Bluetooth speaker systems. Common-area amenities include two tropical pools with courtyards, a fitness center, an outdoor kitchen, a bark park and groom room, a reflection lake and a running trail.
“I think the transaction was pretty seamless,” Berkadia Senior Managing Director Tucker Knight told MHN. “No real issues manifested. Capital markets are frothy; we had a well-capitalized borrower, great asset, and stellar sales brokers made it easy!”
Job hubs abound
Alexan Auburn Lakes is located amid 21 million square feet of office, research, institutional and industrial space. High-paying centers of employment include Chevron Phillips Chemical, Maersk Line, Haliburton, CHI St. Luke’s Health and Texas Children’s Hospital. Less than four miles southeast sits Springwoods Village, housing the new corporate campuses of major employers HP and Exxon Mobil.
“With continued interest from a variety of investors, Houston’s multifamily market remains competitive, even for newly built properties such as this one,” said Berkadia senior managing director Ryan Epstein. “Solid fundamentals that are consolidated within the Spring area of Houston made this property especially attractive, and consistent growth in the surrounding area will also enhance the standard of living for residents of this community.”
Epstein, director Jennifer Ray, associate director Wes Breeding and associate Scott Bray of Berkadia’s Houston office represented Trammell Crow Residential and Prime Property Investors, the sellers. Senior managing director Tucker Knight and director Nick Murphy of Berkadia’s Houston office secured the financing on behalf of the buyer, Olympus Property, a Fort Worth-based full-service multifamily investment and property management organization with 17,000 units across 10 states.
Berkadia’s recent activity includes financing a Jacksonville office property, also announced this week.