Sentinel Capital, a Houston-based investment firm, has acquired Elm Creek Apartments in Kingwood from HGA, a company headquartered in Hamburg, Germany. The transaction was facilitated by Berkadia, whose team included Chris Curry, Jeffrey Skipworth, Chris Young, Joey Rippel, Kyle Whitney and Jed Dalton. The property was marketed as part of a four-property portfolio.
For the purchase, Sentinel Capital secured a $10.6 million loan from JLL Real Estate Capital. Although the terms of the deal were not disclosed, public records show that Elm Creek Apartments was last valued for tax purposes at $14.5 million.
Elm Creek Apartments is located at 2911 Sycamore Springs Drive and consists of 168 one- and two-bedroom garden-style units. Built in 1982, the property has not undergone recent renovations; appraisal district records indicate the last remodel occurred in 2012.
Kingwood is a master-planned community situated about 27 miles northeast of downtown Houston. Established in 1971 through a partnership between Friendswood Development Company and King Ranch, Kingwood spans 14,000 acres and has an estimated population of 80,000.
The area has attracted several prominent developers in recent years. High Street Residential—a subsidiary of Trammell Crow Company—partnered with Daiwa House Group to develop two apartment communities: Residences at Kingwood and Residences at Kingwood East. These projects introduced nearly 470 new units to the neighborhood.
Additionally, Caldwell Companies is developing Cadence Creek Kingwood, an “active adult” community offering apartments and cottages for residents aged 55 and older.
