California Firm Buys Community in Houston

HOUSTON – (Realty News Report) – San Francisco-based real estate firm Hamilton Zanze has acquired the 200-unit Park at Waterford Harbor Apartments in Kemah on the southeast side of Houston.

“We are very excited to add Park at Waterford Harbor to our portfolio and add another asset in the Clear Lake Submarket.” said David Nelson, Hamilton Zanze’s chief investment officer. “Its appealing location on the Kemah Harbor, proximity to NASA’s Johnson Space Center, other strong job drivers in the Houston metro, and the wide range of amenities and floorplans the property offers drew us to the opportunity. Along with our nearby property Signature Point, we look forward to continuing to grow our presence in the Houston MSA.”

Houston apartment occupancy was 91.5 percent in the first quarter of 2022, up from 88.8 percent in the first quarter of 2021, Colliers reported.

The average monthly rent for multifamily units increased 2 percent over the quarter, from $1,188 per month in Q4 2021 to $1,212 per month in Q1 2022. The breakout of rent prices reported by Colliers was: $1,710 for Class A units, $1,221 for Class B, $913 for Class C and $730 for Class D.

More than 13,000 units are under construction in the Houston area and another 32,800 units are proposed, Colliers said in its first quarter report.

Kemah’s The Park at Waterford Harbor Apartments, built in 1996, was 96.5 percent occupied at purchase. The community is located at 1420 Marina Bay Drive in the Clear Lake submarket. The 200 units average 982 SF with seven different floor plans. The Kemah project is the 26^th acquisition in Texas.

Hamilton Zanze plans a capital improvement program will include site and building improvements, amenity updates. Management of the property has also been transitioned to HZ affiliate Mission Rock Residential, a Denver-based company.

Hamilton Zanze founded in 2001 by Mark Hamilton and Tony Zanze, Hamilton Zanze has acquired over $5.8 billion in multifamily assets primarily in the Western, Southwestern, and Eastern U.S. The company currently owns and operates 132 properties with 22,821 units across 17 states and 30 markets.

In another Houston deal announced last week, TruAmerica Multifamily has acquired Villas at West Road, a 240-apartment home community located in northwest Houston.

The multifamily community, 9500 West Road, was acquired from an affiliate of Atlantic Pacific Communities of Miami for an undisclosed price.

File: California Firm Buys Community in Houston

Photo Courtesy Hamilton Zanze