Carmel Creek Buy Fits Well with July Residential’s Criteria
July Residential recently acquired Carmel Creek, a 536-unit apartment community in Houston, according to Berkadia. This marks July Residential’s sixth property acquisition in the Houston MSA. Last month, the multifamily investment firm closed on the acquisition of a five-property 1,275-unit portfolio in Houston with debt also procured by Berkadia.
Mitch Sinberg, Matthew Robbins and Abigail Beauchamp of Berkadia Boca Raton secured the financing for Carmel Creek on behalf of July Residential. Freddie Mac provided a 10-year fixed-rate loan, with four years interest only and a 70 percent loan-to-value.
“This asset fit well with July Residential’s criteria and they continue to assemble a critical mass of apartments in Houston, which is exceeding performance expectations in just about every category,” said Sinberg. “As in-migration and job growth continue, Houston’s apartment occupancy rate is on track to surpass year-end 2019 figures by mid-2022, and annual effective rent growth in the metro could approach 6 percent by then – a rate not seen since 2015.”