HOUSTON – (Realty News Report) – Waterton, a Chicago-based real estate investor and operator, has acquired Carrington at Barker Cypress, a 330-unit apartment community at 7202 Barker Cypress Road in Cypress, Texas – 25 miles northwest of downtown Houston.
Houston’s apartment occupancy rose sharply last year following Hurricane Harvey flooding, which damaged 204,000 single-family and multifamily homes.
“Houston as a whole has seen a decline in multifamily supply, which has made investing in the area particularly compelling,” said Matt Masinter, senior vice president of acquisitions at Waterton. “Waterton intends to renovate all of the units to a modern finish level – installing stainless steel appliances, granite countertops, new cabinet fronts and tile backsplashes.”
Carrington at Barker Cypress marks Waterton’s first multifamily acquisition in 2018. The firm, was founded in 1995 by industry veterans David Schwartz and Peter Vilim, owns and manages two other rental communities in the Houston area totaling nearly 570 units.
Built in 2007, Carrington at Barker Cypress offers a mix of one-, two- and three-bedroom townhome-style apartments ranging in size from 830 to 1,567 SF. The apartment community is adjacent to Langham Creek High School and Holmsley Elementary School.
The project was purchased from an investment group that included affiliates of California-based Virtu Investments.
