Magnolia Groveis situated at 12601 South Green Dr. and was built in1984.
HOUSTON—Due to limited supply in the Southbelt/Ellingtonneighborhood, more value-add multifamily properties are finding newowners. One recent example is Magnolia Grove, a 268-unitmultifamily property in southeast Houston, which sold for anundisclosed purchase price. The garden-style community waspurchased by a Dallas-based privately owned company.
Berkadia senior managing director Ryan Epstein, directorJennifer Ray and associate director Scott Bray of Berkadia'sHouston office arranged the sale on behalf of Lantower Residential,a real estate investment firm based in Dallas. Senior managingdirector John Koeijmans and associate director Austin Blankenshipof Berkadia's Dallas office arranged the acquisition financing, a10-year floating-rate Freddie Mac loan.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
