Berkadia Brokers Off-Market Sale of 131-Unit Midtown Houston Portfolio for Realty Center Management, Inc.

HOUSTON — Berkadia has brokered the off-market sale of two multifamily communities totaling 131 units in Midtown Houston, the firm announced Sept. 15, 2026. An affiliate of Realty Center Management, Inc. sold the properties at 220 and 230 West Alabama to Fat Property, a Houston-based multifamily owner with more than 2,000 units concentrated inside the 610 Loop.

Deal Team and Parties

The Berkadia Houston Investment Sales team represented the seller in the transaction. Senior Director Kyle Whitney led the assignment, joined by Senior Managing Director Chris Curry, Managing Directors Jeffrey Skipworth, Chris Young, and Joey Rippel, and Associate Director Tucker Fama.

Realty Center Management, Inc., headquartered in Culver City, California, owns and operates roughly 10,000 apartment units across California, Texas, Louisiana, Nevada, and Colorado through its affiliates. Fat Property, founded and operated by Cody Lutsch, is one of Houston's largest independent apartment buyers and the most active within the 610 Loop, with nearly all of its units located inside that boundary.

Property Details: 220 and 230 West Alabama

The two communities sit at 220 W Alabama St and 230 W Alabama St in Houston's 77006 zip code, in the Midtown submarket of the city's urban core. Both properties were built in the 1960s — 220 West Alabama in 1960 and 230 West Alabama in 1965 — and together offer studio, one-, and two-bedroom apartment homes.

220 West Alabama is a low-rise community offering efficiency and one-bedroom units. 230 West Alabama is an 11-story loft building with studios, one- and two-bedroom homes, and penthouse lofts. Its amenities include a rooftop patio with downtown views, a swimming pool, a fitness center, and controlled gate access with assigned garage parking.

Across both properties, shared amenities include swimming pools, fitness centers, and pet-friendly living. The locations provide walkable access to Downtown Houston and nearby dining, shopping, and entertainment.

Market Context: Inner Loop Demand and Private Capital

"This off-market trade of two well-located, 1960s-vintage assets in Midtown underscores the depth of buyer demand for Central Houston locations, even for smaller properties," Whitney said. "It also reflects a broader return of selective capital to Houston multifamily, where investors see an opportunity to acquire apartments at a basis and yield profile that remains compelling relative to other major markets."

The combined portfolio offers a range of price points — from smaller efficiencies at 220 West Alabama to larger loft formats at 230 West Alabama. Both properties are located in a walkable urban district with access to Downtown Houston employment, the Museum District, and university clusters including the University of Houston, Texas Southern University, and Rice University.

For Fat Property, the acquisition extends an established strategy of concentrating ownership within the 610 Loop. The buyer confirmed the purchase on its own news feed in September 2026, noting that 230 West Alabama, as the larger of the two communities, now has a dedicated leasing website.

Additional information about the properties is available at www.220wa.com and www.230wa.com.

Sources: Berkadia, "220 & 230 West Alabama, Houston, TX | Sold by Berkadia 2026," Sept. 15, 2026