Berkadia Arranges Sale of Garden-Style Multifamily Workforce Community in Houston
HOUSTON (September 22, 2022) – Berkadia announces it has arranged the sale of Bend at Oak Forest, a 392-unit, garden-style multifamily workforce community located in Houston. Managing Director Jeffrey Skipworth, Senior Managing Directors Chris Curry and Todd Marix, Managing Directors Chris Young and Joey Rippel and Director Kyle Whitney of Berkadia Houston investment sales represented the sellers, a partnership between Goldcor Capital Partners, a real estate investment corporation based in Houston and Excelsa, a real estate investment company based in Bethesda, Maryland.
Kastle Assets, a multifamily investment and management company based in Houston, acquired the property.
“Bend at Oak Forest is a unique value-add asset in the affluent Timbergrove area of Houston and represents a great investment opportunity for Kastle Assets. The ongoing gentrification of the Timbergrove neighborhood and the proximity of the Houston Heights submarket ensure strong rental performance for Kastle. The new owners plan to implement a value-add strategy which will attract the growing segment of middle market renters seeking affordable but updated apartment options,” said Skipworth.
Located at 4000 Watonga Boulevard, Bend at Oak Forest offers one-, two- and three-bedroom apartments that average from 480 to 1,210 square feet. The updated individual unit amenities include wood-style flooring in entries, black or white appliance packages, frost-free refrigerators, walk-in closets, ceiling fans in bedrooms, and select-units feature; white shaker-style cabinets, kitchen pantries, carpeted bedrooms, washer and dryers, single basin undermount sinks and private patios and balconies. Community amenities include a clubhouse with Wi-Fi, a coffee bar, fully equipped fitness center, a swimming pool with seating and sundeck, a children’s playground, enclosed pet park, picnic tables with barbeque grills, open surface parking, clothes care centers and perimeter fencing and controlled access.
Bend at Oak Forest is near the sought-after Heights neighborhood Houston’s urban core with excellent accessibility to area amenities via the newly expanded Hwy 290, including Memorial Park, Downtown Houston, the Galleria Uptown District and the only Houston station for the planned Texas Central bullet train.