HOUSTON (Jan. 31, 2020) – Berkadia announces it has arranged the sale and financing of Magnolia Grove, a 268-unit garden style community in southeast Houston. Senior Managing Director Ryan Epstein, Director Jennifer Ray and Associate Director Scott Bray of Berkadia’s Houston office arranged the sale on behalf of Lantower Residential, a real estate investment firm based in Dallas. Senior Managing Director John Koeijmans and Associate Director Austin Blankenship of Berkadia’s Dallas office arranged the acquisition financing on behalf of a Dallas-based privately owned company.
On behalf of the buyer, Berkadia secured a 10-year, floating rate Freddie Mac loan.
“The asset’s strategic location between Interstate 45 and Beltway 8, along with nearby repositioned properties that have seen significant rent growth, created a compelling value-add opportunity for the new owner,” said Epstein. “Continuous demand throughout the MSA will allow for the property to achieve market rate rents on par with neighboring communities, providing noticeably improved operating income.”
Built in 1984, Magnolia Grove is situated at 12601 South Green Drive. One- and two-bedroom units include walk-in closets, brushed nickel features, faux wood blinds and private balcony/patio. Community amenities feature a clubhouse, swimming pool, outdoor grilling plaza and 24-hour fitness center.
Located in the Southbelt/Ellington neighborhood, Magnolia Grove is found about five minutes away from I-45 and Sam Houston Expressway, providing direct access to Downtown and Greater Houston. The transit corridors conveniently connect residents to employment hubs such as the Texas Medical Center, Hobby Airport, Ellington Airport and the Port of Houston.