Tuesday , 22 October 2019
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Multifamily Project Sold

The 396-unit Modera Spring apartment community has been sold.

HOUSTON – Abbey Residential Services Inc. acquired the 396-unit Modera Spring Town Center apartment community in Spring, north of Houston.

Berkadia represented the seller, Mill Creek Residential.

“Houston’s multifamily market is poised for a recovery in the near term with apartment absorption expected to exceed 28,000 units in 2017,” said multifamily specialist Ryan Epstein of Berkadia. “With the supply pipeline winding down, and considerable job growth on the horizon, occupancy is expected to trend upward, with rents recovering. Savvy investors are recognizing this is a good time to acquire quality institutional assets in a major metropolitan area at normalized cap rates on temporarily depressed rents.”

Developed in 2014, Modera Spring Town Center, 21801 Northcrest Drive, is near the new 385-acre Exxon Mobil campus and the site of a corporate campus for HP, which currently under construction.

 The Houston-based Berkadia team of Epstein, Jennifer Ray, Wes Breeding and Scott Bray represented the seller in the transaction.

July 3, 2017 Realty News Report Copyright 2017

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