HOUSTON, TX - July Residential recently acquired Carmel Creek, a 536-unit apartment community in Houston, according to Berkadia. This marks July Residential’s sixth property acquisition in the Houston MSA. Last month, the multifamily investment firm closed on the acquisition of a five-property 1,275-unit portfolio in Houston with debt also procured by Berkadia.
Mitch Sinberg, Matthew Robbins and Abigail Beauchamp of Berkadia Boca Raton secured the financing for Carmel Creek on behalf of July Residential. Freddie Mac provided a 10-year fixed-rate loan, with four years interest only and a 70 percent loan-to-value.
“This asset fit well with July Residential’s criteria and they continue to assemble a critical mass of apartments in Houston, which is exceeding performance expectations in just about every category,” said Sinberg. “As in-migration and job growth continue, Houston’s apartment occupancy rate is on track to surpass year-end 2019 figures by mid-2022, and annual effective rent growth in the metro could approach 6 percent by then – a rate not seen since 2015.”
July Residential was founded by its affiliates and principles for the purpose of developing, acquiring and operating superior multifamily opportunities in the most desirable markets in the U.S. The management team behind July Residential has decades of combined experience in the multifamily sector. The team has acquired, developed and managed over 12,000 units and $2 Billion nationwide.