Berkadia Completes Sale of Multifamily Property in Houston
HOUSTON – March 12, 2024 – Berkadia announced today the sale of Woodland Hills Village, a 260-unit multifamily housing property located 30 minutes north of Houston in Kingwood, Texas. Director Kyle Whitney, Managing Directors Chris Young, Joey Rippel, and Jeffrey Skipworth, and Senior Managing Director Chris Curry of Berkadia Houston completed the sale on behalf of the seller, Colorado-based Interurban Companies. The buyer was a Dallas-based value-add firm with approximately 7,000 units across the state.
“Berkadia was able to secure a strong, well-capitalized buyer for Interurban at fair market pricing,” said Whitney. “The buyer, in turn, was able to acquire a great asset in a top suburban Houston location with healthy demand, demographics, and rent growth. They will be able to implement a repositioning and value-add strategy to increase revenues and generate healthy returns.”
Whitney continued, “The off-market process really benefited both parties, allowing them to transact in a fluid and fast-moving market. Great transparency and communication between both the seller and buyer also contributed to this successful execution.”
Located at 2139 Lake Hills Drive, Woodland Hills Village features one-, two-, and three-bedroom floor plans with walk-in closets and patios or balconies. Community amenities include a swimming pool, a fitness center, laundry facilities, covered parking, and gated access. The property affords residents convenient access to The Clubs of Kingwood golf course, Oakhurst Golf Club, HCA Houston Healthcare Kingwood, and the shops and restaurants near Kingwood Drive.
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