Berkadia Arranges Sale, Financing of Two Houston Multifamily Properties Totaling 646 Units
HOUSTON — Berkadia has arranged the sale of two multifamily properties totaling 646 units in Houston’s Heights neighborhood. The first property is the 337-unit 15th Street Flats, which was built in 2021 and features one- and two-bedroom units ranging in size from 638 to 1,273 square feet. The second community is the 309-unit Heights Waterworks, which was constructed in 2020 and offers one- and two-bedroom floor plans ranging in size from 600 to 1,265 square feet. Chris Curry, Todd Marix, Jeffrey Skipworth, Joey Rippel and Chris Young of Berkadia represented the seller, Alliance Residential, in the transaction. In addition, Mitch Sinberg, Matt Robbins and Brad Williamson of Berkadia arranged an undisclosed amount of acquisition financing on behalf of the borrower, Florida-based Cardone Capital. Cincinnati-based Eagle Realty Group provided the six-year loan, which was structured with three years of interest-only payments at a fixed rate and a floating rate thereafter.