Berkadia has arranged the sale of Edgewater Apartments, a 228-unit, Class A garden-style multifamily apartment community located in Lake Jackson, Texas, a suburb of Houston.
Senior Managing Directors Chris Curry and Todd Marix, Managing Director Jeffrey Skipworth, Managing Directors Chris Young and Joey Rippel, and Director Kyle Whitney of Berkadia Houston, along with Director Adam Sumrall, Senior Managing Director Kelly Witherspoon, Senior Directors Justin Cole and Michael Gonzalez of Berkadia Austin represented the seller, Redwood Capital Group out of Chicago. A New York-based buyer acquired the property for an undisclosed price.
“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 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 pet-friendly, gated community offers one- and two-bedroom floor plans ranging from 742 square feet to 1,319 square feet. Individual units feature built-in desks and bookshelves, garden-style bathtubs, expansive walk-in closets and private patios and balconies.
Community amenities include beautifully landscaped social areas, a pool, an elegant clubhouse with a business center, picnic arbor with gas grills, an enclosed pet park with agility equipment and a fully equipped 24-hour fitness center. Reserved parking, detached garages and storage units are available.
Edgewater is located approximately 45 minutes south of Houston in Lake Jackson in Brazoria County, consistently ranked one of the best places to live in Texas, and within a short drive to two of the major petrochemical companies, Dow Chemical and BASF. Other major employers nearby include Olin, Wood, Brazos Mall and St. Luke’s Health- Brazosport Hospital.