HOUSTON – (Realty News Report) – A joint venture between Houston-based Midway and Arc Capital Partners has acquired Sabine Street Lofts, a 198-unit apartment community located near downtown Houston on Buffalo Bayou.
Located at 150 Sabine Street, Sabine Street Lofts benefits from its accessibility and direct access to the revitalized Buffalo Bayou Park and is immediately west of Downtown Houston. Completed in 2001, the institutional-quality asset features large one- and two-bedroom floorplans with an average size of 1,017 SF, approximately 100 SF larger than the average apartment in Central Houston.
A number of new multifamily projects, including the mixed-use Autry Park, have been built near Buffalo Bayou Park in recent years.
Buffalo Bayou Park encompasses 160 acres along the 10-square mile stretch of bayou that flows from Shepherd Drive to the Port of Houston. The transformative urban greenspace connects a vast network of waterfront hike and bike trails from the residential enclaves of River Oaks, Memorial, Tanglewood, The Heights and Montrose to downtown Houston — making it a natural nexus for walkable living, curated shopping and dining, next-generation working, and an experience of discovery in the heart of Houston.
Connected to Buffalo Bayou Trail
At the Sabine Street Lofts, community amenities include gated entrances with immediate access to the Buffalo Bayou trail, a fitness center, two resort-inspired swimming pools, outdoor fireplaces, expansive sundecks and pet-friendly amenities. Plans are underway to renovate the property, investing capital specifically into the common areas and project amenities that all residents can enjoy.
“Midway is excited to partner with Arc,” said Jamie Bryant Midway’s President and Chief Operating Officer. “The principals of our firms have a long-standing relationship, and we plan to target similar opportunities in well-located Texas markets where projects like Sabine Street can be a win-win for residents, investors and communities in urban infill neighborhoods.”
Tom Fish and Jonathan Paine with Walker Dunlop represented the joint venture in financing the transaction.
“We take great pride in partnering to invest in urban infill properties and creating value for investors while also addressing the significant demand for naturally-occurring workforce housing in walkable mixed-use environments,” said Neville Rhone Jr., Co-Founder and Managing Partner of Arc. “Houston, one of the country’s most dynamic and multicultural markets, has long been a target for us and continues to benefit from sustained population and job growth. It has been an honor to work with Midway in a truly collaborative way.”
Arc is a minority-owned, real estate owner and investment manager dedicated to redefining urban mixed-use properties and environments.
At the Sabine Street development many of the units will be converted into workforce housing as part of Midway’s MPact program, a new initiative within Midway’s property operations division. Designed for professionals earning around 80 percent of the area median income, MPact will provide quality housing to those who have dedicated their careers to serving others.
“From its prime location to its unique loft-style apartments, Sabine Street Lofts offers an unmatched urban living experience. In addition to elevating the community with new amenities and gathering spaces, we are particularly proud to introduce our new MPact offering that will expand the opportunity for hardworking Houstonians to live in this desirable community,” said Bo Sanford, Executive Vice President and Chief Risk Officer for Midway. “Through MPact, Midway celebrates and supports the organizations and individuals doing great things for the communities in which we operate.”
Nov. 10, 2022 Realty News Report Copyright 2022
Photo courtesy Midway
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