Berkadia announces it has secured financing for July Residential’s acquisition of a 1,275-unit multifamily portfolio of communities located in Houston, Texas. The five assets in the property, all built between roughly 1976 and 1983, are located in the Westwood and Braeswood/Fondren submarkets of Southwest Houston.
Senior Managing Director Mitch Sinberg, Associate Director Matthew Robbins and Senior Analyst Abigail Beauchamp of Berkadia Boca Raton secured the financing on behalf of July Residential.
July Residential, a New York-based investment firm, co-founded by Avihai Daniell and Isaac Pinto, specializes in the development, acquisition and operation of superior multifamily opportunities in the most desirable markets in the U.S. The company’s portfolio currently includes garden-style, mid-rise and mixed-use/new build multifamily projects throughout the U.S. Since the Covid-19 pandemic, July has acquired well over 1,500 units, and are continuing to pursue opportunities throughout the Sunbelt and Mid-Atlantic in the multifamily sector.
Voya Investment Management originated the four-year loan with one 12-month extension at an LTV of 75 percent, with 100 percent future funding for CapEx.
“These well-positioned assets in Houston submarkets that offer quick access to major employment centers presented the buyer with an excellent opportunity to implement a full-scale, value-add program,” said Sinberg. “The lack of supply and consistent rent growth, particularly for Class B assets like these, in these submarkets provides a strong foundation for these properties moving forward.”
The properties in the portfolio are:
- Airport Crossing – A two-story garden-style residential property with 178 units in 11 buildings. Built in 1983, and located at 8300 West Airport, the property offers one- and two-bedroom apartments ranging from 550 square feet to 1,010 square feet. Individual units feature large walk-in closets, a washer and dryer, built-in bookshelves, a fireplace, dishwasher, disposal, private patios, storage units, high-speed internet and assigned parking spaces. Community amenities include gated access, two swimming pools, two laundry facilities and a courtesy patrol.
- The Townhomes – Built in 1981, and located at 8030 West Airport, the property has 16 two-story townhome residential buildings with 73 units in total. It offers one- and two-bedroom apartments ranging from 686 square feet to 1,010 square feet. Individual units feature vaulted ceilings, walk-in closets, a fireplace, dishwasher, disposal, washer and dryer connections, high-speed internet and patios/balconies. Community amenities include gated access, a pool and tennis court.
- Terrace at West Sam Houston – This is a 428-unit, two-story, garden-style asset consisting of 29 buildings. Built in 1979, it is located at 9475 West Sam Houston Parkway and offers one- and two-bedroom apartments ranging from 450 square feet to 1,000 square feet. Individual units feature walk-in closets, washer and dryer connections, a fireplace, dishwasher, disposal, built-in bookshelves, high-speed internet, patios/balconies and storage units. Community amenities include gated access, two swimming pools, three laundry facilities, and courtesy patrols.
- Casa Grande – A 268-unit, two-story garden-style property with 18 buildings, Casa Grande was built in 1979 and is located at 9445 Concourse and offers one- and two-bedroom apartments ranging from 450 square feet to 981 square feet. Individual units feature walk-in closets, high-speed internet, a fireplace, dishwasher, disposal, washer and dryer connections, built-in bookshelves, storage units and patios/balconies. Community amenities include gated access, a pool, two laundry facilities, a courtyard, picnic area and courtesy patrol.
- Plaza at Hobby Airport – Built in 1976, Plaza at Hobby Airport is located at 8501 Broadway and consists of 328 units in 22 two-story garden-style buildings. It offers one- and two-bedroom apartments ranging from 565 square feet to 964 square feet. Individual units are cable ready and feature ceiling fans, a dishwasher, air conditioning and reserved parking. Community amenities include a pool, playground and laundry facilities.
The properties are near major employers in the Westchase Business District, the Memorial District, The Energy Corridor, Uptown Galleria, the Texas Medical Center, the Port of Houston, and Houston Hobby Airport. As well as minutes away from retail shopping centers: The Fountains on the Lake, PlazAmericas, Chinatown, the First Colony Mall and the International District at Beechnut/Beltway.
