If oil prices do rise more significantly during the next several years, Houston will probably have to further adjust to the new energy market. While the metro is not as dependent on oil as it once was, much of the exceptional growth in the area can still be tied back to demand from energy jobs.

One of the latest beneficiaries of the demand for housing in areas with high barriers of entry is Broadstone Sierra Pines, a 341-unit garden-style asset located in The Woodlands. The asset was purchased by Olympus Property, a Fort Worth-based multifamily investment and property management organization with 17,000 units across 10 states. The seller was Alliance Residential Company, a real estate investment firm based in Phoenix. The purchase price was undisclosed. Fannie Mae provided a 10-year loan with seven years interest only.

“As Houston remains a competitive market for multifamily investment, transactions such as this one serve to illustrate the demand for properties throughout the area, including those with high barriers of entry such as The Woodlands,” said Chandler Wonderly, principal of Olympus Property. “With limited new construction in the surrounding area, an exclusive resident base and close proximity to large employers, the property's location demonstrates Houston's growth and consistent transactional volume.”

Built in 2014, Broadstone Sierra Pines is located at 1615 Sawdust Rd. One- and two-bedroom units include solid bamboo flooring, designer carpeting, granite countertops, stainless steel appliances, full-size washer/dryer and ceiling fans with custom lighting. Community amenities feature a social clubroom, 24-hour athletic center, yoga space, private massage center, executive business lounge and courtyard.

The community is near large employment hubs and important transit routes. ExxonMobil, HP, Southwestern Energy and ABS are about two miles away, with more than 15,000 combined employees in the fast-growing Springwoods Village area. Interstate 45 is less than 10 minutes away, offering direct access to downtown, and Grand Parkway is less than 15 minutes away.

Berkadia arranged the sale and financing of the asset. Senior managing director Ryan Epstein and director Jennifer Ray of Berkadia's Houston office represented the seller. Senior managing director Tucker Knight and director Nicholas Murphy of Berkadia's Houston office arranged the loan on behalf of the buyer.

“Broadstone Sierra Pines has the highly desirable Woodlands address coupled with market fundamentals that are well positioned for rent growth,” Ray tells GlobeSt.com. “The volatility of the debt markets has created challenges with pressure on interest rates and loan proceeds. Berkadia created value by connecting the seller to a buyer who has the capacity to weather fluctuations in the capital markets.”