Berkadia is arranging the sale and financing of 206 Bridgewater Apartments Workforce Housing Community in Houston, Texas
HOUSTON, TX – Berkadia announces that it has arranged the sale and financing of Bridgewater Apartments, a 206-unit garden-style public housing community in Tomball, Texas. Managing directors Joey Rippel and Chris Young, managing director Kyle Whitney, managing director Jeffrey Skipworth and senior managing directors Chris Curry and Todd Marix of Berkadia Houston represented the seller, Sentinel Capital, a Houston-based private real estate firm.
Cutt Ableson of Berkadia Houston guaranteed the debt on behalf of the buyer, a partnership between Tranquility Capital, Abundance Equity Partners and Rubio Investors, a Houston-based multi-family real estate investment partnership.
“Bridgewater is a great opportunity and a win for Tranquility Capital, Abundance Equity Partners and Rubio Investors,” said Joey Rippel. “Zoning restrictions in Tomball create effective barriers to entry for new supply, while outsized population growth and excellent above market rent growth. Bridgewater is one of only two trades so far in the popular submarket this year.Berkadia facilitated both transactions, as well as a class A transaction on behalf of Hines on the submarket last year.Interest is always high and competitive when the assets of Tomball become available.”
Built in two phases in 1979 and 1982 and located at 1100 Graham Drive, Bridgewater Apartments offers one and two bedroom apartments ranging from 670 square feet to 944 square feet. Individual units offer newly updated interiors, fireplaces, wood-style floors, white or black appliances, formica countertops, shaker-style cabinet doors, upgraded hardware and plumbing fixtures, pantries, carpeted bedrooms, ceiling fans, walk-in closets, linen closets, utility rooms, washer and dryer connections, private decks and balconies. Community amenities include a resident kitchen, club room, business center, pool deck, poolside lounge chairs, picnic areas with charcoal grilling stations, serene courtyard, an enclosed pet park, open green spaces, laundry facilities, ample open-air parking, and storage closets available.
Located in Tomball, one of Houston’s fastest growing suburbs, and zoned in Harris County School District #1, Bridgewater is close to HCA Houston Healthcare Tomball, Baker Hughes, Methodist Hospital Willowbrook, City Place, ExxonMobil’s new world headquarters and Forestry.
About Berkadia®: Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, providing a strong suite of services to our multi-family and commercial clients. Through its integrated mortgage banking, investment sales and services platform, Berkadia offers comprehensive real estate solutions for the entire lifecycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com
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