Berkadia arranged the sale and financing of two Houston-area properties. Performance Properties spun off Timberwalk, a 300-unit apartment community to Lone Star Capital. Berkadia’s Joey Rippel and Chris Young led the sales effort and Johnny King secured the debt.

Built in 1983, the Timberwalk offered floorplans from one to three-bedroom units averaging about a 750 square feet.

Berkadia basically performed the same duties on the sale of the 40 year-old Bridgewater Apartments, in the nearby Houston community of Tomball. Rippel and Young led the sales effort and King the financing. The seller was Sentinel Capital. The buyer was a partnership between Tranquility Capital, Abundance Equity Partners and Rubio Investors. Berkadia’s Rippel says Tomball has a shortage of quality projects, “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.”