HOUSTON – ARA Newmark handled the sale of a portfolio of four Houston multifamily communities with a total of 1,516 units.
ARA Vice Chairman Matthew Rotan led the deal – representing CBRE Global Investors in the sale to affiliates of Highland Capital Management, LP and BH Equities – with support from David Oelfke, David Wylie, David Mitchell and Thomas Alleman.
The four-property set consists of the 352-unit Connection at Buffalo Pointe the 240-unit Meritage, the 734-unit Old Farm Apartment and Stone Creek at Old Farm, a 190-unit community.
“The portfolio is anchored by Houston’s premier employment centers – Texas Medical Center and the Uptown/Galleria District – so the deal presented a rare opportunity to acquire properties that were offered below replacement costs,” said Rotan. “Each asset has unique value-add potential with further upside.”
Constructed in 2012, the Connection at Buffalo Pointe is located within the 308-acre Texas Medical Center’s growth path, as well as the University of Texas’ research and innovation campus.
Set along Houston’s inner loop 610, The Meritage provides excellent access to major business and shopping districts, including the Texas Medical Center, Galleria/Uptown District, Greenway Plaza and Downtown. Amenities include a resort-style pool area and a 24-hour fitness center with instructor.
Built by Trammell Crow Residential in the late 1990s, the majority of the 924 units at Old Farm and Stone Creek at Old Farm have had significant upgrades. The two apartment complexes are situated on 35.1 acres north of Westheimer, near Dunvale Road and west of Voss.
Feb. 27, 2017 Realty News Report Copyright 2017