Starwood Capital Group Sells 276-Unit Lakes of 610

Starwood Capital Group sold Lakes of 610, a 276-unit multifamily complex in Houston. The buyer, Western Wealth Capital, secured a $19.7-million loan to acquire the asset, which delivered in the early 1980s.

Berkadia’s Jennifer Ray and Ryan Epstein represented the seller. Andy Hill, also with Berkadia, arranged the Freddie Mac loan for the property at 2701 W. Bellfort Ave. “Lakes of 610 offered a rare value-add opportunity in Houston due to all of its units maintaining their original finishes, as well as the property’s infill location,” Ray said. “After a potential rehab package, the asset may yield greater rents for the owner in an area surrounded by newer communities, while improving the quality and standard of the property throughout.”

Lakes of 610 offers one- and two-bedroom units. Amenities include a swimming pool and spa, gated access and 24-hour maintenance.

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