Anatole on Briarwood is a 250-unit garden-style community located in Midland.
MIDLAND, TX—Because energy prices have displayed a stable trading range between $40 and $50 a barrel, the Midland economy has responded in kind; specifically, the multifamily sector is reporting strong fundamentals. As a result of this re-emerging demand, in concert with seemingly manageable supply volumes, both occupancy and rent growth show positive momentum, according to Berkadia.
As a result of these positive fundamentals, multifamily assets are trading in the area. One recent example is Anatole on Briarwood, a 250-unit garden-style community located in Midland.
Berkadia arranged $21.75 million in acquisition financing for the asset. Senior managing director Tucker Knight and director Nicholas Murphy of Berkadia's Houston office arranged the loan on behalf of Olympus Property, a full-service multifamily investment and property management firm headquartered in Fort Worth. Freddie Mac originated the 10-year fixed-rate loan with five years interest only.
“Due to the sponsor's success on two previous transactions in this market, Freddie was able to provide a long-term fixed-rate solution that was accretive to the borrower,” Murphy explains.
Built in 2014, the property's one-, two- and three-bedroom units offer walk-in closets, washer/dryers, dishwashers, granite countertops, ranges, ovens and garbage disposals. Community amenities include a business center, clubhouse, coffee bar, sundeck, TV lounge, fitness center and swimming pool.
“Despite a rising interest rate environment, investors are still positive about the opportunities that multifamily properties present, especially in the Midland area where rents and demand are on a rising trajectory,” Knight tells GlobeSt.com. “Additional rhetoric surrounding trade and tariffs has contributed to developers experiencing higher construction costs, allowing for a stable supply of inventory in one of the state's high-demand areas.”
Located at 5200 Briarwood Ave., Anatole on Briarwood is situated in the Greathouse area of Midland. The community is located near key transit hubs and amenities.
Midland Airpark is less than 15 minutes away and Loop 250 is five minutes away, offering access into and out of Midland, and the Midland International Air and Space Port. Bush Tennis Center is less than five minutes away, and Midland Park Mall is less than 10 minutes away with retail stores that include Coach, Oakley, Ulta and Dillard's.
For more information on multifamily news, join us at RealShare APARTMENTS in Los Angeles from October 29-30, 2018. This event attracts more than 1,000 of the industry's top owners, investors, developers, brokers and financiers as they gather for THE MULTIFAMILY EVENT OF THE YEAR! This conference is powered by GlobeSt.com, the go-to-source for multifamily news and analysis. Register for RealShare APARTMENTS.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
