NASA Space Center area: Apartments Sold

HOUSTON,– Berkadia arranged the sale and financing of Creekside Villas at Clear Lake, a 202-unit workforce housing community in southeast Houston near NASA’s Johnson Space Center.

The buyer is a partnership between Trinnium Equity Group, a private equity firm based in Salt Lake City and Starboard Equity, based in Dallas.

The seller, ClearWorth Capital, is a multifamily owner/operator based in Addison, in the Dallas area.

ClearWorth Capital was represented by Berkadia’s Joey Rippel, Chris Young, Kyle Whitney, Jeffrey Skipworth, Chris Curry and Todd Marix.

Located at 707 El Dorado Boulevard, Creekside Villas at Clear Lake was built in 1979 and offers one-, two- and three-bedroom apartments.

The apartments are near the 10,000-acre Clear Lake City large-scale planned community which was developed by Friendswood Development starting in the 1960s to meet growth rising from the new NASA Space Center.

“Creekside Villas at Clear Lake is in one of Houston’s best located suburbs with a healthy local economy, top rated schools and an affluent demographic which supports consistent demand for workforce housing,” said Joey Rippel.

Situated in Harris County, Creekside Villas at Clear Lake is in the fifth best school district in Houston, less than five miles away from NASA, the Boeing Corporate Campus, the Ellington Airport, the HCA Houston Healthcare Clear Lake and less than 30 minutes away from the Port of Houston.

Cutt Ableson of Berkadia Houston secured debt through Ready Capital on behalf of the buyer.