Berkadia has arranged the sale and financing of Bridgewater Apartments, a 206-unit garden-style, workforce housing community in Tomball, Texas. Managing Directors Joey Rippel and Chris Young, Director Kyle Whitney, Managing Director Jeffrey Skipworth and Senior Managing Directors Chris Curry and Todd Marix of Berkadia Houston represented the seller, Sentinel Capital, a private real estate firm based in Houston.
Cutt Ableson of Berkadia Houston secured the debt on behalf of the buyer, a partnership between Tranquility Capital, Abundance Equity Partners, and Rubio Investors, a Houston-based multifamily real estate investment partnership.
“Bridgewater is a great opportunity and win for Tranquility Capital, Abundance Equity Partners, and Rubio Investors,” said Joey Rippel. “Zoning restrictions in Tomball create effective barriers to entry for new supply, while outsized population growth and excellent schools drive strong demand and above market rent growth. Bridgewater is one of only two trades to-date in the submarket this year. Berkadia facilitated both transactions, as well as a Class-A transaction on behalf of Hines in the submarket last year. Interest is always high and competitive when Tomball assets become available.”
Built in two phases in 1979 and 1982, and located at 1100 Graham Drive, Bridgewater Apartments offer one- and two-bedroom apartments ranging from 670 square feet to 944 square feet. Individual units offer newly updated interiors, fireplaces, wood-style flooring, white or black appliances, Formica countertops, shaker-style cabinet doors, upgraded hardware and plumbing fixtures, kitchen pantries, carpeted bedrooms, ceiling fans, walk-in closets, linen closets, utility rooms, washer and dryer connections, private patios and balconies. The community amenities include a resident kitchen, clubroom, business center, swimming pool with sundeck, poolside loungers, picnic areas with charcoal grilling stations, a serene courtyard, enclosed pet park, open greenspaces, laundry facilities, abundant open surface parking and storage closets available.
Located in Tomball, one of Houston’s fastest growing suburbs, and zoned to the No. 1 school district in Harris County, Bridgewater is close to the HCA Houston Healthcare Tomball, Baker Hughes, Methodist Willowbrook Hospital, City Place, ExxonMobil’s new global headquarters, and The Woodlands.