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Limited Multifamily in Southbelt/Ellington Means More Value-Add Options

Magnolia Grove’s strategic location between I-45 and Beltway 8, along with nearby repositioned properties boasting significant rent growth, created a compelling value-add opportunity for the new owner.

Magnolia Grove Magnolia Grove is situated at 12601 South Green Dr. and was built in 1984.

HOUSTON—Due to limited supply in the Southbelt/Ellington neighborhood, more value-add multifamily properties are finding new owners. One recent example is Magnolia Grove, a 268-unit multifamily property in southeast Houston, which sold for an undisclosed purchase price. The garden-style community was purchased by a Dallas-based privately owned company.

Berkadia senior managing director Ryan Epstein, director Jennifer Ray and associate director Scott Bray of Berkadia’s Houston office arranged the sale on behalf of Lantower Residential, a real estate investment firm based in Dallas. Senior managing director John Koeijmans and associate director Austin Blankenship of Berkadia’s Dallas office arranged the acquisition financing, a 10-year floating-rate Freddie Mac loan.

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Lisa Brown

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.

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