I think that we as an industry, not just the builders and developers but also the financiers etc. should look at affordable development as an asset and not a detriment. A lot of people in the industry look at affordable investment as something they wouldn’t touch due to its complexity, but the reality is that affordable is probably one of the best asset classes to hold, and many times one of the best performing.
Claridge Properties has acquired Northshore Meadows, a 291-unit community in Houston. Berkadia brokered the transaction.
According to Yardi Matrix, the affordable housing property last traded in 2007, when it was acquired by Envolve. Claridge assumed the existing HUD loan of $9.6 million, originated by Prudential Financial in 2007. According to public records, the note carries a fixed interest rate of 4.1 percent over a 40-year term.
Built in 1971, Northshore comprises one-, two-, three- and four-bedroom units, with walk-in closets and stainless steel appliances. Common-area amenities include a business center, clubhouse, playground, fitness center and laundry facilities. The property also has 400 parking spaces.
Located at 333 Uvalde Road, on 11 acres, the community is within 2 miles of Interstate 10 and 13 miles from Downtown Houston.
Berkadia’s team on the deal included Senior Managing Director Ryan Epstein, Director Jennifer Ray and Associate Director Scott Bray. In October 2020, Epstein arranged the sale of Legacy Creekside, a 338-unit community in San Antonio.