Sale of Grand Mason at Waterside Estates indicates continued suburban investment
Richmond, Texas (Feb. 8, 2018) – Berkadia announces it has arranged the sale of Grand Mason at Waterside Estates, a 229-unit garden style community located in Richmond, Texas.
The firm represented the seller, Grand Mason Partners, Ltd., a partnership sponsored by BC Realty Partners out of Dallas, and the Betz Companies, a commercial real estate organization based in Houston. The buyer is a real estate investment, operation, and development company based in Fort Worth, Texas.
Berkadia’s Houston office conducted the transaction. The professionals involved include Senior Managing Director Ryan Epstein, Director Jennifer Ray, and Associate Director Scott Bray.
“Houston’s suburban areas will continue to attract investors with strong components, such as prominent amenities, recently built apartments, and absorption rates that outpace new units coming online,” said Epstein. “Over the last 12 months, the Katy/Cinco Ranch/Waterside submarket has seen almost 2,000 units become occupied, noticeably exceeding the 1,000 units added.”
Built in 2015, Grand Mason at Waterside Estates is located at 9900 South Mason Road. The apartment community features 229 units throughout five 3-story garden style buildings. One-, two-, and three-bedroom units offer high speed internet, spacious walk-in closets, crown molding, stainless steel appliances, wood-grained plank flooring, dishwasher and range. Community amenities include a fitness center, business center, pet park, media room, and resort-style swimming pool with outdoor grills.
Situated in southwest Houston in the Katy/Cinco Ranch/Waterside submarket, the community is located near major transit routes and retail destinations. Grand Parkway is less than five minutes away, and Westpark Tollway is only six minutes away. The Shops at Bella Terra, Kroger Marketplace, and Bank of America Financial Center are also only a short drive away.