Bellrock Real Estate Partners Acquires 375-Unit Multifamily Property In Houston For $64.7M
3030 Summer Street, Houston, TX 77007, USA
$64,700,000
$51,146/SF
Building Size
1,265 SF
Asset Type
MultiFamily
Closing
Aug 30, 2021
AI
Bellrock Real Estate Partners has acquired a multifamily property located at 3030 Summer St in Houston. The property consists of 375 units and was sold for an undisclosed amount. The transaction took place on August 30, 2021.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: Undisclosed
- Address: 3030 Summer St, Houston
- Market: Houston
- Units: 375
The acquisition was financed through a loan provided by CBRE Global Investors. Charles Kim, representing CBRE Global Investors, facilitated the loan agreement. The loan amount was $64,700,000. It was an acquisition loan with a floating rate and an initial term of three years. The loan can be extended for an additional two years if needed.
Hank Glasgow and Braden Harmon, from Newmark, served as the brokers for this transaction.
Players
Houston MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93