HOUSTON, TX – Berkadia announces it has arranged the sale and financing of Vargos on the Lake, a 276-unit multifamily asset in Houston. Senior Managing Director Ryan Epstein and Director Jennifer Ray of Berkadia’s Houston office represented the seller, Hunington Properties, Inc. Senior Managing Director Cutt Ableson of the same office secured the financing on behalf of the buyer, Berkshire Residential Investments.
“Vargos on the Lake is a unique asset in a Houston market where construction costs continue to rise, limiting development of new assets,” said Epstein.
“With new development tapering off in 2019, the asset is well-positioned for future rent growth in an advantageous site near Galleria, Westchase District and the Energy Corridor, which includes a variety of high-quality employers,” added Ableson.
Built in 2015, Vargos on the Lake is located at 2411 Fondren Road. One-, two- and three-bedroom units include stainless steel appliances, gas range, white quartz countertops, washer/dryer and USB outlets. The asset also includes 13 townhouse units with attached garages. Community amenities feature a cyber lounge with Wi-Fi, latte and tea bar, executive conference room, fitness studio with kick boxing station and Barkos Pet Park, Houston’s largest dog park in multifamily.
Developed by Hunington Properties Residential, the firm is moving forward with four projects currently in the development process as it ventures into mixed-use micro communities.
Situated off the Westheimer corridor, the asset is found near large employment hubs and important transit routes. The Galleria, Houston’s third largest business district with about 83,000 employees and 28 million square feet of commercial office space, is only four miles away. Houston’s second largest business district, Energy Corridor, is also only four miles away, featuring over 19 million square feet of office space and company headquarters of BP America, Shell, and ConocoPhilips.
About Berkshire: Berkshire Residential Investments is a vertically integrated residential real estate investment and property management company with over 50 years of experience. Berkshire’s team of industry leaders has gained a reputation for being able to identify opportunities and effectively manage through various economic environments, establishing a long-term track record based on thoughtful, leading edge investment strategies, and hands-on development and operational experience. Berkshire, a registered investment advisor, is headquartered in Boston and has offices in Atlanta, New York, Baltimore, Dallas and San Francisco. As of December 31, 2018, Berkshire had approximately $8.2 billion in real estate assets under management. For more information on Berkshire, please visit www.berkshireresi.com