Starwood Capital Group Sells Houston Property
- Oct 09, 2019
Starwood Capital Group has sold the 276-unit Lakes of 610 in Houston to Western Wealth Capital. Berkadia originated a $19.7 million Freddie Mac loan for the new owner. Harris County records show the financing is set to mature in 2029.
Located at 2701 W. Bellfort Ave., the asset is roughly 4 miles from Texas Medical Center and TMC3, a new development that will bring more than 25,000 jobs to the area. Additionally, the property is 9 miles south of downtown Houston. Completed in 1983, the gated community consists of one- and two-bedroom apartments in 18 three-story buildings. Common-area amenities include a pool with spa, outdoor grilling area and clubhouse. As of August, Lakes of 610 was 91.3 percent occupied, according to Yardi Matrix data.
Berkadia Director Jennifer Ray and Senior Managing Director Ryan Epstein worked on behalf of the seller, while Managing Director Andy Hill secured the financing. This May, the same brokerage team represented Olympus Property in the sale of the 332-unit Tradewinds at Willowbrook in Houston.