Apartments Purchased by Investors from New York

In Houston, Lone Star Capital, a multifamily investment firm based in New York, purchased the 300-unit Timberwalk apartments in Northwest Houston, Berkadia reported.

“Lone Star Capital was able to purchase Timberwalk in an off-market purchase,” said Berkadia managing director Chris Young. “Their experience in the submarket and familiarity with the asset created an opportunity for a mutually beneficial transaction and successful exit for Performance Properties (the seller) in a rapidly changing market.”

Timberwalk, built in 1983, is located at 5635 Timber Creek Place, just east of Highway 6 and south of West Little York.

Timberwalk offers one-, two- and three-bedroom apartments ranging from 501 to 1,088 SF. Select units feature granite countertops, new stainless-steel appliances, wood and tile floors, fireplaces, washer and dryer hookups, and storage units. It is zoned to Cypress-Fairbanks schools.

The seller, Performance Properties, a multifamily investment firm based in Dallas was represented by Berkadia’s Chris Young, Joey Rippel, Kyle Whitney, Jeffrey Skipworth, Chris Curry and Todd Marix

Johnny King of Berkadia Houston secured debt on behalf of the buyer, Lone Star Capital.

Another Multifamily Deal

Last week, it was reported another New York investor purchased a Houston multifamily project. New York-based Sunsail Capital and Dallas-based ZaneCRE reported the joint purchase of the 350-unit Sarah at Lake Houston, located in Humble at 17571 West Lake Houston Parkway. “We believe in the strength and stability of the Houston metro market and it’s long term growth potential,” the buyers said in a statement.