HOUSTON – (Realty News Report) – Nord Group, a New York-based buyer, acquired the Edgewater Apartments, a 228-unit garden-style apartment community located in Lake Jackson, south of Houston.
Located in Brazoria County, the apartment community is about 40 miles from Houston.
The Nord Group, led by principals Saqif Noor, Khaled Noor, and Baruch Teitelbaum, has several Houston multifamily properties in its 4,000-unit portfolio list.
Berkadia’s Chris Curry, Todd Marix, Jeffrey Skipworth, Chris Young and Joey Rippel, and Kyle Whitney of Berkadia’s Houston office; along with Adam Sumrall, Kelly Witherspoon, Justin Cole and Michael Gonzalez of Berkadia Austin represented the seller, Chicago-based Redwood Capital Group.
The apartment community is a short drive from two of the Lake Jackson’s major petrochemical companies, Dow Chemical and BASF. Other major employers nearby include Olin, Wood, Brazos Mall and St. Luke’s Health- Brazosport Hospital.
“Edgewater is consistently one of the top-performing multifamily assets in Lake Jackson with limited competition. The regional economy is anchored by a healthy and expanding petrochemical industry and will drive new housing demand and strong fundamentals,” said Berkadia’s Curry. “Edgewater will continue to perform well and drive cash flow for the new owner.”
Completed in 2005 and located at 514 That Way St., Edgewater consists of 19 two-story residential buildings and one one-story clubhouse on a 12-acre site. The gated community offers one- and two-bedroom units ranging from 742 SF to 1,319 SF.
The Houston apartment market, which includes 719,943 units has an occupancy rate of 90.6 percent, down about 1 percent from a year ago, according to recent statistics from ApartmentData.com. Rental rates are up about 7 percent in 2022.
In other recent investment activity, Bascom Group closed on the purchase of Montierra a 346-unit community, built in 2003 and located at 2345 Sage Road in the Uptown/Galleria submarket. “This acquisition continues our Texas strategy of acquiring well located, newer vintage assets with minimal deferred maintenance and value-add potential,” said Chang Liu, Acquisitions Director for Bascom, which is based in Irvine, Calif.
New apartment construction continues in the Houston area. Fein, a Houston-based multifamily development, construction and property management firm, recently announced plans to develop a 241-unit in the Conroe area north of Houston.
Jan. 3, 2023
THE RALPH BIVINS PROJECT PODCAST
Photo credit: Berkadia
File: Nord Buys Multifamily Project