HOUSTON – (Realty News Report) – An affiliate of Equus Capital Partners, Ltd, has acquired The Parkway on Westlake apartments near Lake Houston in Northeast Houston for $53,250,000.
Houston multifamily developer, Martin Fein Interests, was the seller. Fein built the 320-unit project on 18 acres on West Lake Houston Parkway near The Groves master planned community.
The garden-style community was 93 percent occupied at the time of the sale. The acquisition was made on behalf of Equus Investment Partnership XI, L.P. (“Fund XI”), a fully discretionary $387.8 million equity fund managed by Equus.
(Fein just sold its 268-unit Mark development in Springwoods Village to CDC Houston.)
Completed by Fein in 2018, The Parkway on Westlake is located at the intersection of Lake Houston Parkway and Madera Run Parkway and offers a mix of one-, two-, and three-bedroom units. The property contains twelve 2 and 3 story garden-style residential buildings on an 18-acre site. All of the units have 9-foot ceilings.
Outdoor amenities include an infinity edge style pool with beach entry, a dog park, walking trails, and a 2-acre bass stocked fishing lake.
The Parkway on Westlake is located five miles from Generation Park, a 4,200-acre development led by Ryan McCord. Generation Park is positioned to become a major business destination.
In addition to its convenient proximity to Generation Park, The Parkway on Westlake is located within the fast-growing Humble market that has benefited from infrastructure improvements which is driving impressive local rental demand, Equus said.
Equus Goal: To Acquire Texas Residential
“One of the firm’s goals was to expand our Texas residential portfolio following our recent apartment acquisition in McKinney in 2020. Through the acquisition of Parkway on Westlake, we are adding a high-quality asset in a top-notch location that is set to experience tremendous rental demand for the foreseeable future,” commented Peter Naccarato, Equus Acquisitions Manager, who alongside Andrew Peabody, Acquisitions Manager, and Alex Keszeli, Financial Analyst, oversaw the transaction for the firm. “By acquiring this high-quality asset with exceptional amenities, our team can focus on leasing and operational value initiatives as we kick off our business plan.”
Madison Apartment Group, L.P. the multi-family operating arm of Equus, will manage the community.
Equus Buys Houston Industrial Park (757,325 SF)
Equus, which is based in the Philadelphia area, recently acquired an industrial property in Houston.
The project, called Park 845 Crossing, is a five-building industrial park totaling 757,325 SF at 1710 North Freewayin Houston. JLL represented the seller, a joint venture partnership between IDI Logistics and Heitman. JLL Capital Markets worked on behalf of the borrower to secure the three-year, floating-rate acquisition loan of $55 million.
Park 845 Crossing is located at the intersection of Interstate 45 and Beltway 8 at 1710 North Freeway and 51, 71, 101 and 121 Esplanade Blvd. in the North Houston industrial submarket. The location is eight miles from George Bush Intercontinental Airport and 15 miles north of Downtown Houston.
The Class A Park 845 properties were built from 2008 to 2014 and offer 18’ to 30’ clear heights, 186 dock doors, two buildings with cross-dock configurations and three buildings with rear-load configurations. Overall, Park 845 Crossing is 61.5 percent leased to 11 tenants providing value-add upside via lease up of the remaining vacancy
The JLL Capital Markets team representing the seller was led by Senior Managing Directors Rusty Tamlyn and Trent Agnew, Director Charlie Strauss and Analysts Katherine Miller and Jack Moody. JLL’s Debt Placement team was led by Senior Directors John Ream and Michael Johnson and Analyst Stuart Hepler.
June 24, 2021 Realty News Report Copyright 2021
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Image Courtesy Equus
File: Equus Acquires Fein Apartments for $53 Million
File: (2) Martin Fein. Equus Acquires Fein Apartments for $53 Million. Lake Houston. Park 845 Crossing. JLL Capital Markets. Madison Apartment Group. CDC Houston.