Berkadia announces it has arranged the sale of Oasis at Piney Point, a 318-unit, Class A apartment community located near the Galleria and Westchase submarkets of Houston, Texas. Managing Director Jeffrey Skipworth, Senior Managing Directors Chris Curry and Todd Marix, Managing Directors Chris Young and Joey Rippel and Director Kyle Whitney of Berkadia Houston represented the sellers, Marlin Spring of Toronto, Canada. A California-based buyer acquired the property for an undisclosed price.
“Oasis at Piney Point is a Class A asset primed for value creation that traded off-market,” noted Skipworth. “The Oasis buyer obtained an attractive asset with a very visible location on Westheimer Drive, next to an affluent residential market where there is limited new rental supply and a high premium to own. The property is strategically designed to attract a wide variety of renters and provides consistent cash flows.”
Located at 9100 Westheimer Road, Oasis at Piney Point was completed in 2004 by Trammel Crow Residential and consists of three- and four-story garden-style buildings on a 10-acre site. The pet-friendly, gated community offers one- and two-bedroom floor plans ranging from 727 square feet to 1,304 square feet, as well as two-bedroom townhome designs up to 1,412 square feet. Individual units feature 9-foot ceilings, 8-foot entry doors, chef-inspired kitchens with stainless steel appliances, double basin sinks, track lighting, walk-in closets, and patios or balconies. Upgraded units include such features as quartz or granite countertops, built-in bookshelves, plank flooring and premium low-pile carpet.
Community amenities include beautifully landscaped courtyards, a resort-style pool, an elegant clubhouse with Wi-Fi, a coffee/tea bar, a business center, a media/TV lounge with a gas fireplace, and a fully equipped fitness center. Reserved parking and storage units are available.
Oasis at Piney Point is conveniently located two miles from the Sam Houston Tollway, and four miles outside of Houston’s inner loop (610) in an affluent area surrounded by 3 million square feet of retail. The property is located 15 minutes from major employment areas like Galleria/Uptown and Westchase, and 30 minutes from downtown Houston.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.