HOUSTON — Abbey Residential Services Inc. has purchased the 396-unit Modera Spring Town Center apartment community in Spring, just north of Houston.
Berkadia represented the seller, Mill Creek Residential, in the transaction.
“Houston’s multifamily market is positioned for a near-term recovery, with apartment absorption forecast to exceed 28,000 units in 2017,” said Ryan Epstein, a multifamily specialist with Berkadia. “With new supply slowing and strong job growth on the horizon, occupancy should trend upward and rents should begin to recover. Savvy investors recognize this is an opportune moment to acquire quality, institutional-grade assets in a major metropolitan market at normalized cap rates on temporarily depressed rents.”
Built in 2014, Modera Spring Town Center is located at 21801 Northcrest Drive and benefits from proximity to major corporate developments, including the new 385-acre Exxon Mobil campus and a corporate campus being developed by HP.
The Houston-based Berkadia team of Ryan Epstein, Jennifer Ray, Wes Breeding and Scott Bray represented the seller in the sale.