HOUSTON (Feb. 15, 2019) – Berkadia has arranged the sale of Stella at Riverstone, a 351-unit Class A, garden-style multifamily property in the city of Sugar Land, an exclusive and desirable suburb of Houston. Senior Managing Director Ryan Epstein and Director Jennifer Ray of Berkadia’s Houston office arranged the sale on behalf of Alliance Residential. The buyer is Grant Cardone, CEO of Cardone Capital, a real estate investment firm based out of Aventura, Florida.
“Stella at Riverstone is situated in perhaps one of the most difficult areas to build multifamily in the entire Houston metropolitan area,” said Epstein, “so that was a major factor in driving investor interest in the property. There is only one more parcel zoned for multifamily development in the entire city – and no other apartments under construction – so this property has experienced significant rent growth.”
Cardone Capital has been very active in 2018, closing almost $400 million in new multi-family property acquisitions.
“We love the Stella property for our investors due to the quality of product and high barriers to entry provided by the Sugar Land municipality,” added Grant Cardone, CEO of Cardone Capital.
Built in 2018, Stella at Riverstone is located at 4711 LJ Parkway. One-, two-, and three-bedroom units include sleek stainless steel appliances and farmhouse sinks, 9-foot ceilings, granite and quartz countertops, upscale carpeting, and washer and dryer. Community amenities include a 24-hour fitness center, fully equipped business center, resident lounge, conference room, clubroom, and outdoor living area.
Situated in the master-planned community of Riverstone, Stella at Riverstone is found near multiple entertainment, dining and employment hubs. Smart Financial Center, the only indoor live performance venue of its kind in the Houston area, is about 10 minutes away, as well as the Houston Museum of Natural Science at Sugar Land. Texas Instruments, which employs approximately 1,800 employees, is about 20 minutes away, and Houston Methodist Sugar Land Hospital is less than 15 minutes away.