SPRING, TX—At the midway point in the year, indicators point to a multifamily recovery as investor appetites continue to build. One such investor target is Modera Spring Town Center, a 396-unit multifamily asset just outside of Houston, located at 21801 Northcrest Dr. Developed in 2014, the garden-style multifamily homes are accessible to residents of north Houston, in close proximity to the new 385-acre Exxon Mobil campus and an HP corporate campus currently under construction.
Abbey Residential Services Inc. recently acquired the property from Mill Creek Residential. The Houston-based Berkadia team of Ryan Epstein, senior managing director, Jennifer Ray, director, Wes Breeding, associate director, and associate Scott Bray, represented the seller in the transaction.
“The investor appetite in Houston is continuing to build as we move farther into 2017,” Epstein tells GlobeSt.com. “This property will benefit greatly from all the new retail that will soon open on the corner of the Grand Parkway and Kuykendahl.”
The gated community features one-, two- and three-bedroom units, and is close to top-rated schools and in walking distance to retail centers.
“Houston's multifamily market is poised for a recovery in the near term with apartment absorption expected to exceed 28,000 units in 2017,” said Epstein. “With the supply pipeline winding down, and considerable job growth on the horizon, occupancy is expected to trend upward, with rents recovering. Savvy investors are recognizing this is a good time to acquire quality institutional assets in a major metropolitan area at normalized cap rates on temporarily depressed rents.”
Berkadia is a joint venture of Berkshire Hathaway and Leucadia National Corporation.
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