A Houston value-add multifamily portfolio, a four-property portfolio consisting of 1,556 apartment units in three suburbs of Houston, was recently acquired for an undisclosed purchase price. The buyer was a joint venture between Stonewall Associates (Houston) and Nord Group (New York).

The properties in the portfolio are Mosaic (504 units) located at 4025 Burke Rd. in Pasadena, TX, Huntington Glen (364 units) located at 12023 Bissonnet St. in Houston, The Onyx (438 units) located at 10300 S. Wilcrest Dr. in Houston and The Avenue (250 units) located at 5050 Yale St. in Houston. Berkadia Houston’s Joey Rippel, Chris Young, Jeffrey Skipworth, Kyle Whitney, Todd Marix and Chris Curry marketed the portfolio on behalf of Austin-based GVA Real Estate Group.

“Houston is one of the nation’s leading metros for population growth, economic growth and apartment demand,” said Rippel. “Its strong drivers coupled with its relative yield and lack of rent control, in contrast to other gateway and Sunbelt markets, has attracted a record influx of capital this year, especially to workforce housing. Portfolios in particular have been heavily sought after, because investors can outlay more capital at once with immediate scale in a healthy Texas market.”