Berkadia Secures $22.26 MM Loan for Acquisition of Houston Apartment Community | Multifamily Press
Berkadia Secures $22.26M Loan for Acquisition of Houston Apartment Community | CityBizList
Echo at Katy Ranch bought by Fort Worth investor
Katy, Texas (Dec. 19, 2018) – Berkadia announces it has secured $22.264 million in acquisition financing for Echo at Katy Ranch, a 260-unit garden-style Class A asset located in Katy. Senior Managing Director Tucker Knight and Director Nicholas Murphy of Berkadia’s Houston office arranged the loan on behalf of Olympus Property, a Fort Worth based full service multifamily investment and property management organization who owns and operates 17,000 units across 10 states.
Freddie Mac provided a 10-year, fixed-rate loan with 7 years interest only.
“Echo at Katy Ranch was another strategic acquisition for Olympus as they continue to add terrific assets to their portfolio,” said Murphy. “Freddie Mac was flawless in their execution, adding to the success for all parties involved.”
Built in 2013, Echo at Katy Ranch is located at 24929 Katy Ranch Road. One-, two-, and three-bedroom units offer hardwood floors, double pane windows, island kitchen, pantry, double vanities, disposal, dishwasher, and granite countertops. Community amenities feature a business center, clubhouse, lounge, multipurpose room, storage space, and library.
Situated in Katy just west of Houston, Echo at Katy Ranch is found near major transit routes and recreational areas. Grand Parkway and Interstate 10 are less than 10 minutes away, offering direct access to downtown Houston and surrounding neighborhoods. The Club at Falcon Point and Mason Creek South Hike & Bike Trail are under 10 minutes away, and George Bush Park/Eldridge is less than 25 minutes away.