Berkadia announces it has arranged the sale and financing of Timberwalk, an attractive, well-maintained 300-unit apartment community located in Houston, Texas. Managing Directors Chris Young and Joey Rippel, Director Kyle Whitney, Managing Director Jeffrey Skipworth, and Senior Managing Directors Chris Curry and Todd Marix of Berkadia Houston represented the seller, Performance Properties, a multifamily investment firm based in Dallas.
Director Johnny King of Berkadia Houston secured debt on behalf of the buyer, Lone Star Capital, a multifamily investment firm based in New York, N.Y.
“Lone Star Capital was able to purchase Timberwalk in an off-market acquisition,” said Chris Young. “Their experience in the submarket and familiarity with the asset created an opportunity for a mutually beneficial transaction and successful exit for Performance Properties in a rapidly changing market.”
Built in 1983 and located at 5635 Timber Creek Place, Timberwalk offers one-, two- and three-bedroom apartments ranging from 501 to 1,088 square feet. Select units feature granite countertops, new stainless-steel appliances, wood and tile floors, fireplaces, washer and dryer hookups, and storage units. Community amenities include two pools, a fitness center, laundry facilities, a playground, lounge, barbeque grills and picnic area.
Situated just west of Highway 6 in Northwest Houston, Timberwalk provides easy access to both Interstate 10 and Highway 290 with expedient commutes to Katy and the Energy Corridor. Residents are zoned to highly regarded Cypress-Fairbanks schools and only ten minutes from popular Bear Creek Pioneers Park (2,154 acres).
