HOUSTON – (Realty News Report)– New York-based July Residential has acquired a 1,275-unit multifamily portfolio located in Houston.
The five apartment complexes, all built between roughly 1976 and 1983, are located in the Westwood and Braeswood/ Fondren submarkets of Southwest Houston, and near Hobby Airport, according to Berkadia.
Berkadia secured financing for the transaction.
July Residential, co-founded by Avihai Daniell and Isaac Pinto, specializes in the development, acquisition and operation of multifamily. The company’s portfolio currently includes garden-style, mid-rise and mixed-use/new build multifamily projects throughout the U.S. Since the Covid-19 pandemic, July has acquired well over 1,500 units, and are continuing to pursue opportunities throughout the Sunbelt and Mid-Atlantic in the multifamily sector.
Berkadia’s Mitch Sinberg, Matthew Robbins and Abigail Beauchamp of Berkadia Boca Raton secured the financing on behalf of July Residential.
Voya Investment Management originated the four-year loan with one 12-month extension at an LTV of 75 percent, with 100 percent future funding for capital expenditures.
“These well-positioned assets in Houston submarkets that offer quick access to major employment centers presented the buyer with an excellent opportunity to implement a full-scale, value-add program,” said Sinberg. “The lack of supply and consistent rent growth, particularly for Class B assets like these, in these submarkets provides a strong foundation for these properties moving forward.”
The properties in the portfolio are:
Airport Crossing– A two-story garden-style residential property with 178 units in 11 buildings. Built in 1983, and located at 8300 West Airport, the property offers one- and two-bedroom apartments ranging from 550 SF to 1,010 SF. Individual units feature large walk-in closets, a washer and dryer, built-in bookshelves, a fireplace, dishwasher, disposal, private patios, storage units, high-speed internet and assigned parking spaces.
The Townhomes– Built in 1981, and located at 8030 West Airport, the property has 16 two-story townhome residential buildings with 73 units in total. It offers one- and two-bedroom apartments ranging from 686 SF to 1,010 SF. Individual units feature vaulted ceilings, walk-in closets, a fireplace, dishwasher, disposal, washer and dryer connections, high-speed internet and patios/balconies.
Terrace at West Sam Houston– This is a 428-unit, two-story, garden-style asset consisting of 29 buildings. Built in 1979, it is located at 9475 West Sam Houston Parkway and offers one- and two-bedroom apartments ranging from 450 SF to 1,000 SF. Individual units feature walk-in closets, washer and dryer connections, a fireplace, dishwasher, disposal, built-in bookshelves, high-speed internet, patios/balconies and storage units.
Casa Grande– A 268-unit, two-story garden-style property with 18 buildings, Casa Grande was built in 1979 and is located at 9445 Concourse and offers one- and two-bedroom apartments ranging from 450 SF to 981 SF. Individual units feature walk-in closets, high-speed internet, a fireplace, dishwasher, disposal, washer and dryer connections, built-in bookshelves, storage units and patios/balconies.
Plaza at Hobby Airport– Built in 1976, Plaza at Hobby Airport is located at 8501 Broadway and consists of 328 units in 22 two-story garden-style buildings. It offers one- and two-bedroom apartments ranging from 565 SF to 964 SF . Individual units are cable ready and feature ceiling fans, a dishwasher, air conditioning and reserved parking.
Apartment investors have been active in Houston recently.
Sept. 22, 2021 Realty News Report Copyright 2021
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File: Investor Buys Five Apartment Complexes
Photo: Courtesy Berkadia