Luxury TX Community Changes Hands
- Feb 21, 2019
Berkadia has brokered the sale of Stella at Riverstone, a 351-unit Class A, garden-style community in Sugar Land, Texas. Ryan Epstein, senior managing director, and Jennifer Ray, director, from Berkadia’s Houston office worked on behalf of the seller, Alliance Residential Co. Cardone Capital, which recently purchased a 485-unit luxury asset in Austin, acquired the property. According to Yardi Matrix data, the buyer took out a $42 million loan originated by TH Real Estate to finance the Houston-area acquisition.
Located at 4711 LJ Parkway, Stella at Riverstone is 27 miles southwest of downtown Houston. The community is within 6 miles of Interstate 69 and First Colony Mall. Major employers in the area include Texas Instruments and Houston Methodist Sugar Land Hospital, both within a 15-minute drive of the asset.
“Stella at Riverstone is situated in perhaps one of the most difficult areas to build multifamily in the entire Houston metropolitan area, so that was a major factor in driving investor interest in the property. There is only one more parcel zoned for multifamily development in the entire city—and no other apartments under construction—so this property has experienced significant rent growth,” said Epstein in prepared remarks.
Completed in 2018, the luxury community encompasses one-, two- and three-bedroom units, ranging from 624 to 1,746 square feet, all equipped with washers and dryers. Common-area amenities include controlled access, covered parking, swimming pool, fitness center, resident lounge and clubhouse.
Image courtesy of Berkadia
If you’d like to be featured in Brokers’ Corner, send your deal to email@example.com.