October 9, 2019— Berkadia announces it has arranged the sale and financing of Lakes of 610, a 276-unit multifamily community in Houston. Director Jennifer Ray and Senior Managing Director Ryan Epstein of Berkadia’s Houston office represented the seller, Starwood Capital Group, in the transaction. Managing Director Andy Hill of Berkadia’s Austin office secured a $19.7 million loan on behalf of Western Wealth Capital.
Berkadia arranged and Freddie Mac purchased the loan.
“Lakes of 610 offered a rare value-add opportunity in Houston due to all of its units maintaining their original finishes, as well as the property’s infill location,” said Ray. “After a potential rehab package, the asset may yield greater rents for the owner in an area surrounded by newer communities while improving the quality and standard of the property throughout.”
Built in 1983, Lakes of 610 is located at 2701 West Belfort Avenue. One- and two-bedroom units include mirrored closet doors, private balconies and patios, breakfast bar, dishwasher and extra storage. Community amenities include a swimming pool and spa, gated access and 24-hour maintenance.
Situated adjacent to the Texas Medical Center, Lakes of 610 is ideally found near the largest medical center in the world and new developments such as TMC3 that will bring over 25,000 jobs. Galleria/Uptown, one of the largest business districts in the US, is approximately 10 minutes away, and Downtown Houston is about 15 minutes away.