Berkadia arranges financing for July residential acquisition of 536-unit Carmel Creek apartment community in Houston, TX
HOUSTON. TX – Berkadia announces that it has secured financing for July Residential’s acquisition of Carmel Creek, a 536 unit apartment community in Houston, Texas. Senior Managing Director Mitch Sinberg, Associate Director Matthew Robbins and Senior Analyst Abigail Beauchamp of Berkadia Boca Raton secured the funding on behalf of July Residential.
This is July Residential’s sixth real estate acquisition in the Houston MSA; Last month, the multi-family investment firm completed the acquisition of a portfolio of five properties and 1,275 units in Houston with debt also purchased by Berkadia.
Freddie Mac provided a 10-year fixed rate loan, with only four years of interest and a loan of 70% to value.
âThis asset fits July Residential’s criteria well and they continue to assemble a critical mass of apartments in Houston that exceed performance expectations in just about every category,â said Sinberg. âAs immigration and job growth continue, Houston’s apartment occupancy rate is on track to exceed year-end 2019 numbers by mid-2022, and annual growth effective rents in the metro could then approach 6% – a rate not seen since 2015. “
According to Berkadia’s 3Q2021 Report Card for Houston, effective rents increased 9.9% year-to-date to $ 1,207 per month, occupancy rate increased 220 basis points year-to-date to 95.2% and 27,917 units were absorbed year-to-date, approximately three times more than initially planned.
“We are delighted to take possession of such a property in a market in which we believe so strongly in its potential, and even happier to be able to enter into another deal with Berkadia which manages the debt,” said Avihai, co-founder by July Residential. Danielle.
Located at 6000 Hollister Rd in Houston, Carmel Creek was built in 1982 and consists of one and two bedroom apartments ranging from 518 to 1,193 square feet. The apartments have a washer / dryer, walk-in closets and parquet floors. The pet-friendly community has a swimming pool, fitness center, and laundry facilities. Carmel Creek is located in the Brookhollow / Inwood neighborhood, approximately 20 miles northwest of downtown Houston. The predominantly residential neighborhood is located close to amenities and within 20 minutes of the Art Institute of Houston, the University of St. Thomas, and the University of Houston, Downtown.
July Residential, a New York-based investment firm, co-founded by Avihai Daniell and Isaac Pinto, specializes in developing, acquiring and operating premium multi-family opportunities in America’s most desirable markets. United. Mid-rise and mixed-use / new construction multi-family projects in the United States Since the Covid-19 pandemic, July has acquired over 1,500 units and continues to seek opportunities in the Sunbelt and Mid-Atlantic in the multi-family sector .