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HOUSTON (Nov. 30, 2018) – Berkadia has arranged the sale and financing of Broadstone Sierra Pines, a 341-unit garden style asset located in The Woodlands area of Houston. Senior Managing Director Ryan Epstein and Director Jennifer Ray of Berkadia’s Houston office represented the seller, Alliance Residential Company, a real estate investment firm based in Phoenix. Senior Managing Director Tucker Knight and Director Nicholas Murphy of Berkadia’s Houston office arranged the loan on behalf of the buyer, Olympus Property, a Fort Worth based full service multifamily investment and property management organization with 17,000 units across 10 states
Fannie Mae provided a 10-year loan with 7 years interest only.
“As Houston remains a competitive market for multifamily investment, transactions such as this one serve to illustrate the demand for properties throughout the area, including those with high barriers of entry such as The Woodlands,” said Chandler Wonderly, Principal of Olympus Property. “With limited new construction in the surrounding area, an exclusive resident base and close proximity to large employers, the property’s location demonstrates Houston’s growth and consistent transactional volume.”
Built in 2014, Broadstone Sierra Pines is situated at 1615 Sawdust Road. One- and two-bedroom units include solid bamboo flooring, designer carpeting, granite countertops, stainless steel appliances, full-size washer/dryer, and ceiling fans with custom lighting. Community amenities feature a social clubroom, 24-hour athletic center, yoga space, private massage center, executive business lounge and zen courtyard.
Located in The Woodlands, the community is near large employment hubs and important transit routes. ExxonMobil, HP, Southwestern Energy and ABS are about two miles away, boasting over 15,000 combined employees in the fast-growing Springwoods Village area. Interstate 45 is less than 10 minutes away, offering direct access to Downtown Houston, and Grand Parkway is less than 15 minutes away.