Inner Loop Asset Sells in Rare Value-Add Deal

Lakes of 610 is a 276-unit multifamily community in southwest Houston.

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HOUSTON—In a rare value-add opportunity situated across Houston’s Inner Loop, Berkadia arranged the sale and financing of Lakes of 610, a 276-unit multifamily community in southwest Houston. Director Jennifer Ray and senior managing director Ryan Epstein of Berkadia’s Houston office represented the seller, Starwood Capital Group, in the transaction.

Managing director Andy Hill of Berkadia’s Austin office secured a $19.7 million loan on behalf of Western Wealth Capital. Berkadia arranged and Freddie Mac purchased the loan.

“Lakes of 610 offered a rare value-add opportunity in Houston due to all of its units maintaining their original finishes, as well as the property’s in-fill location,” said Ray. “After a potential rehab package, the asset may yield greater rents for the owner in an area surrounded by newer communities while improving the quality and standard of the property throughout.”