HOUSTON – (Realty News Report) – Salt Lake City-based Sundance Bay has bolstered its Sun Belt Holdings with a two-property apartment portfolio totaling 626 units in Texas.
The portfolio consists of Grove East, a 324-unit garden-style community at 9300 N. Sam Houston Parkway East in Humble, and Rowlett Station, a 302-unit mid-rise community at 3601 Melcer Drive in Rowlett. Both properties were built in 2021.
Cushman & Wakefield’s Texas Equity, Debt & Structured Finance team, led by Chase Johnson and Caleb Riebe, arranged $95.74 million in financing on behalf of Sundance Bay. Benefit Street Partners provided $76.24 million in senior debt and CCL Capital provided a $19.5 million mezzanine loan.
The properties were subject to Housing Finance Corporation income restrictions, which added a layer of regulatory complexity to the transaction.
“This was one of the more structurally involved deals we’ve worked through in recent memory,” said Johnson. “Between the HFC consent requirements on both assets, bifurcating the capital stack across a senior lender and a mezz lender simultaneously, and doing all of it in a complex credit environment, there were a lot of moving parts. Sundance Bay was a great partner throughout the process, and we’re proud of the execution.”
Grove East is adjacent to Generation Park, a 4,300-acre master-planned commercial district with significant potential for further job growth in northeast Houston. Eli Lilly last year announced plans to build a 1 million SF pharmaceutical manufacturing plant that is expected to create more than 600 jobs in Generation Park, a development of Houston-based McCord. The property was 93% occupied at closing and could generate higher rents following the potential removal HFC rent restrictions, according to Cushman & Wakefield.
Rowlett Station is adjacent to the Downtown Rowlett DART Blue Line station, which connects by rail to Downtown Dallas. The property was 92% occupied at closing with rents below comparable properties in the area.
Jennifer Campbell and Josh Hoffman of Cushman & Wakefield’s Houston Multifamily Advisory Group assisted with the Grove East transaction. Grant Raymond and Asher Hall of Cushman & Wakefield’s Dallas-Fort Worth Multifamily Advisory Group, along with Richard Kourbage of Greystone, assisted with the Rowlett Station transaction.
Founded in 2012, Sundance Bay specializes in debt, multifamily equity, and net lease investments in middle markets throughout the Mountain West and Sun Belt regions.
July 13, 2026, Realty News Report Copyright 2026
Feature image: Cushman & Wakefield courtesy photo.
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