The Modera Spring Town Center was recently sold to Abby Residential Inc. with Berkadia Commercial Mortgage LLC arranging the exchange for Mill Creek Residential.
The 396-unit property was built in 2015 and is presently at 94.2 occupancy and encompasses 21 buildings at 21801 Northcrest Drive in Spring. The two- and three-story buildings of the Town Center contains one-bedroom apartments with a minimum of 695 square feet, and a maximum three-bedroom floorplan of up to 1,607 square feet. Two-bedroom units are also available.
Ryan Epstein of Berkadia says that the depressed rental landscape is expected to experience a turnaround. Moreover, with a tightening supply pipeline and significant job growth in the pipeline, both occupancy and rents should be trending upward, and marketing services to make the most of this situation will be in demand too. Quoted in Multi-Housing News, Epstein said:
“New commercial retail that will soon open on the corner of Kuykendahl and the Grand Parkway will provide benefit and value to this property.”
According to Yardi Matrix, a leading supplier of commercial real estate data, every unit comes with a washer and dryer. Three-bedroom units also feature a fully-equipped kitchen, high ceilings, direct garage access and a private balcony or patio. Other amenities available include a clubhouse, business center, swimming pool, fitness center, and 600-space parking garage.
Location
1626 Rayford Road
Spring, TX 77386
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Phone
Hours
Mon: 9:00 - 5:00
Tue: 9:00 - 5:00
Wed: 9:00 - 5:00
Thu: 9:00 - 5:00
Fri: 9:00 - 3:00
Sat: Closed
Sun: Closed