Berkadia Arranges Sale and Financing for Sugar Land Multifamily Asset Near Houston

1/10/18

Berkadia announces it has arranged the sale and financing of Estates at Fountain Lake, a 306-unit multifamily asset located in Stafford, Texas. The firm represented the seller, Prime Property Investors LTD., a real estate investment firm based in Northbrook, Illinois, and arranged the financing on behalf of the buyer, GPI Investments LLC., a multifamily investment company based in Missouri City, Texas.

Berkadia’s Houston and San Antonio offices conducted the transaction. The professionals involved include Senior Managing Director Ryan Epstein, Senior Managing Director Cutt Ableson, Director Jennifer Ray and Associate Scott Bray.

Fannie Mae originated the fixed-rate loan with multiple years of interest only payments.

“As occupancy rates are anticipated to rise in 2018, operators will look to accelerate rent growth, making multifamily assets in high-barrier markets such as Sugar Land compelling options for investors,” said Epstein. “The 3.6 percent rise in rent growth we expect to see will be encouraged by occupancy that may accelerate nearly 13 percent from 2017 absorption.”

Built in 1998, Estates at Fountain Lake is situated at 10498 Fountain Lake Drive. The multifamily community features 306 units throughout multiple 3-story garden style buildings. One- and two-bedroom units feature gourmet kitchens, nine-foot ceilings with double crown molding, built-in computer desk, full size washer and dryer, walk-in closets, private terraces or balconies, and an entertainment serving bar.

Estates at Fountain Lake is located in the Sugar Land submarket of Houston. The community is located near a variety of shopping, dining, and employment centers, including Fort Bend Children’s Discovery Center, AMC Fountains 18, and Sugar Land Regional Airport. The complex is also less than five minutes away from Interstate 69 and about 10 minutes away from Sam Houston Tollway.

About Berkadia®:

Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.

About GPI Investment LLC

Based in Houston, GPI Investment LLC was founded to capture the multifamily rental market opportunities emerged in the depth of 2009 financial crisis. Starting from scratch, GPI has successfully built a competitive residential rental business, and purchased over $140 million assets in Texas during 2017. GPI has its own management company that raises the value of properties through renovation, new development and higher cash flow to provide great investment return to the clients who have entrusted their investments to its care.

© 2017 Berkadia Commercial Mortgage LLC

Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC

Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc.

Commercial mortgage loan banking and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc.

For state licensing details visit: http://www.berkadia.com/legal/licensing.aspx

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