Bridge Partners has acquired The Dawson, a 354-unit luxury community in West Houston’s Central Business District. RPM Living sold the property after three years of ownership, according to Yardi Matrix data. Berkadia represented the seller and secured a 7-year, adjustable-rate Freddie Mac loan for the buyer.
Completed in 2014, the community comprises two four-story buildings with one- and two-bedroom apartments, varying from 649 to 1,552 square feet with granite countertops, stainless steel appliances, walk-in closets and private patios or balconies. Common-area amenities include a business center, fitness center with yoga and spin room, clubhouse, swimming pool, outdoor kitchen and dog park, as well as electric car charging stations.
Located at 13411 Briar Forest Drive, the community is some 20 miles west of downtown Houston within one of its major employment hubs, the Energy Corridor. The property is less than half a mile from Parkway Villages Shopping Center, numerous dining options and Ray Miller Park.
Bridge Partners’ portfolio currently holds more than 5,600 units across several states, Yardi Matrix data shows. Last year, the company acquired Harvest at Fiddyment Ranch, a 300-unit property in Roseville, Calif., for $111 million.
The Houston market has been showing positive fundamentals, registering an 11.7 percent year-over-year rent increase and a 4.8 percent job growth as of March, according to the latest national Yardi Matrix report.