Fort Worth Developer Acquires The Woodlands Multifamily Project
Broadstone Sierra Pines multifamily community has been acquired by a Fort Worth-based firm.
HOUSTON – Berkadia Real Estate Advisors structured the sale and financing of Broadstone Sierra Pines, a 341-unit garden-style apartment community located in The Woodlands area of Houston.
Representing the seller, Alliance Residential Company of Phoenix, were Senior Managing Director Ryan Epstein and Director Jennifer Ray from Berkadia’s Houston office.
On behalf of the buyer, Olympus Property – a Fort Worth-based multifamily investment and property management firm with a portfolio of approximately 17,000 units across 10 states – Berkadia’s Senior Managing Director Tucker Knight and Director Nicholas Murphy arranged the financing.
The transaction includes a Fannie Mae loan structured for a 10-year term with seven years of interest-only payments.
Completed in 2014, Broadstone Sierra Pines features one- and two-bedroom residences finished with solid bamboo flooring, designer carpeting, granite countertops, stainless steel appliances, full-size washers and dryers, and ceiling fans with customized lighting. Community amenities include a social clubroom, a 24-hour fitness center, a dedicated yoga area, a private massage room, an executive business lounge and a serene zen courtyard.
Berkadia, a joint venture between Berkshire Hathaway and Jefferies Financial Group, provides a broad range of advisory and capital solutions for multifamily and commercial real estate clients.
