FORT WORTH — Crescent Real Estate LLC, a Fort Worth-based firm led by John Goff, used its recently established investment fund to acquire six multifamily properties, including the RiverBend Apartments in the Houston area.
The 192-unit RiverBend Apartments are located on Wesley Drive in League City, southeast of Houston near Interstate 45.
Acquired by Crescent through “off-market” deals, the multifamily properties are geographically diverse in five separate submarkets. This is Crescent’s most recent use of the GP Invitation Fund I established earlier in the year to acquire, develop and operate properties in all real estate asset classes alongside institutional investors and high net worth clients.
The portfolio is located in four states totaling 1,664 units. All six of the multifamily properties are located in large metropolitan areas. Three properties are located in Texas with two locations in San Antonio and the one in League City. One property is in Chicago suburb Evanston, Illinois, another is in Washington, D.C. suburb Reston, Virginia, and the final of the six properties is located in Tampa, Florida.
Crescent secured five of the six properties totaling 1,324 units in an “off-market” deal from a joint venture of Crossbeam Concierge and a large institutional partner. Crescent has engaged Crossbeam Concierge to continue managing the Texas, Illinois and Virginia properties.
“We feel we have taken advantage of a great opportunity and are excited to secure a quality portfolio of this size in strong submarkets,” said Conrad Suszynski, Co-CEO of Crescent. “Because of our relationships with and our knowledge of the companies and the markets, we were able to purchase the properties before they went on the market and substantially below replacement costs.”
Oct. 11, 2016 Realty News Report Copyright 2016