Berkadia announces it has arranged the sale and financing of Turtle Pointe, a 432-unit garden-style multifamily asset located in Houston, Texas. Senior Managing Director Todd Marix and Chris Curry, along with Managing Directors Jeffrey Skipworth, Joey Rippel and Chris Young and Director Kyle Whitney of Berkadia Houston, marketed the property on behalf of WRH Realty.
7C Equity Group, a local investment group with 30 years combined experience in multifamily, bought the property. Rakesh Bansal and Rajib Batabyal are managing principals of 7C Equity group.
Director Cameron Hart of Berkadia Austin arranged financing for the buyer through Ready Capital.
“Turtle Pointe is ideally located in central Houston between the Galleria/Uptown and Westchase districts,” said Marix. “This highly visible and accessible property offers mostly original interior finishes combined with a Class A amenity package, with below market rents and tremendous value-add potential.”
Located at 8162 Richmond Avenue, Turtle Pointe was built in 1976 and offers studio, one- and two-bedroom floor plans ranging from 576 to 917 square feet. About a quarter of the units are townhome units. Amenities include a resident club room, business center, fitness center, indoor racquetball and basketball courts, three swimming pools, a heated spa, café- style recreation room with bar seating, TV, pool table, foosball table, and shuffle board, an enclosed dog park, reserved and covered parking, and a metro bus stop in front of the community.
The property is located approximately 25 minutes west of downtown Houston.