Westdale Acquires Central Houston Community

Metro Greenway. Image courtesy of Yardi Matrix

Westdale Asset Management has purchased Metro Greenway, a 309-unit multifamily community located in central Houston. Berkadia Institutional Solutions brokered the transaction on behalf of the seller, Simpson Housing.

Simpson Housing acquired the community for $54.1 million back in 2012, from the original developer, The Dinerstein Cos., according to Yardi Matrix data. The same source shows that, alongside the most recent sale, the property also became subject to a $34.4 million Freddie Mac loan originated by CBRE Capital Markets.

The 2008-completed community encompasses two mid-rise buildings with one- and two-bedroom floorplans ranging between 709 and 1,272 square feet. Apartment amenities include washers and dryers, walk-in closets, appliances and patios or balconies. Metro Greenway offers a fitness center, swimming pool with sun deck, spa, clubhouse, resident lounge, cybercafe, fire pit and a pet park. The Class A property also features controlled access, a two-story parking podium with 504 parking spaces and electric charging stations.

Metro Greenway is located at 4100 Southwest Freeway, in the River Oaks submarket. The community sits on a 3.8-acre site, near the intersection of interstate 69 and 610. Memorial Park, Houston Zoo and the Texas Medical Center are within 5 miles of the property.

Berkadia’s team consisted of Director Kyle Whitney, Managing Directors Chris Young, Jeffrey Skipworth and Joey Rippel as well as Senior Managing Directors Chris Curry and Todd Marix. The same team also recently represented Lionel Partners in the sale of a 200-unit multifamily community in Houston and secured acquisition debt for the buyer.