Stafford, Texas (Jan. 10, 2018) – Berkadia announces it has arranged the sale and financing of Estates at Fountain Lake, a 306-unit multifamily asset located in Stafford, Texas. The firm represented the seller, Prime Property Investors LTD., a real estate investment firm based in Northbrook, Illinois, and arranged the financing on behalf of the buyer, GPI Investments LLC., a multifamily investment company based in Missouri City, Texas.
Berkadia’s Houston and San Antonio offices conducted the transaction. The professionals involved include Senior Managing Director Ryan Epstein, Senior Managing Director Cutt Ableson, Director Jennifer Ray and Associate Scott Bray.
Fannie Mae originated the fixed-rate loan with multiple years of interest only payments.
“As occupancy rates are anticipated to rise in 2018, operators will look to accelerate rent growth, making multifamily assets in high-barrier markets such as Sugar Land compelling options for investors,” said Epstein. “The 3.6 percent rise in rent growth we expect to see will be encouraged by occupancy that may accelerate nearly 13 percent from 2017 absorption.”
Built in 1998, Estates at Fountain Lake is situated at 10498 Fountain Lake Drive. The multifamily community features 306 units throughout multiple 3-story garden style buildings. One- and two-bedroom units feature gourmet kitchens, nine-foot ceilings with double crown molding, built-in computer desk, full size washer and dryer, walk-in closets, private terraces or balconies, and an entertainment serving bar.
Estates at Fountain Lake is located in the Sugar Land submarket of Houston. The community is located near a variety of shopping, dining, and employment centers, including Fort Bend Children’s Discovery Center, AMC Fountains 18, and Sugar Land Regional Airport. The complex is also less than five minutes away from Interstate 69 and about 10 minutes away from Sam Houston Tollway.