423
BAYTOWN, TEXAS — Newmark has brokered the sale of Stone Brook, a 376-unit apartment community located in the eastern Houston suburb of Baytown. Built in 2000, Stone Brook offers one-, two- and three-bedroom units and amenities such as a pool, playground and a dog park. Zach Springer of Newmark represented the seller, Dallas-based private equity firm Knightvest Capital, in the transaction. Tip Strickland, also with Newmark, originated an undisclosed amount of Freddie Mac acquisition financing on behalf of the buyer, Bluebird. The 10-year, fixed-rate loan was structured with a loan-to-value ratio above 80 percent and seven years of interest-only payments.