Paul Layne Acquires Apartments in The Heights

HOUSTON – (Realty News Report) – Layne Property Partners, an investment group led by Houston real estate veteran Paul Layne, has acquired another Heights apartment complex.

It’s eighth acquisition in the last 12 months for Layne Property Partners, which was launched in 2021.

Layne is the former CEO of the Howard Hughes Corp., the developer of The Woodlands, Summerlin in Las Vegas, and other major developments around the nation. Years ago, Lane started the multifamily division at Howard Hughes Corp.

Paul Layne was a guest on THE RALPH BIVINS PROJECT podcast produced by Realty News Report. To listen to the entire podcast CLICK HERE.

Layne’s investment firm just acquired the 95-unit Timbergrove Heights in the Houston Heights submarket. The project, which has views of White Oak Bayou, is located on 2.8 acres along the hike & bike trails connecting Houston’s park system.

This off-market acquisition is part of Layne’s growth strategy to purchase multifamily assets in the Heights and Oak Forest submarkets. Layne said the firm anticipates continued growth through acquisitions in 2022.

“Whether we are focused on The Heights or Oak Forest, I see tremendous growth there. I see a real demand for apartment properties, both for millennials – people around the age of my six kids – and people of my age group,” Layne said last fall on THE RALPH BIVINS PROJECT podcast. “People want to live there; they can live in an apartment that’s reasonable priced. They come to a place where they can walk to restaurants and bars. Some of the properties are right across from hike and bike trails, places where you can enjoy your lifestyle.

Due to housing demand in Texas outpacing the supply, multifamily currently offers a strong hedge against inflation and has historically outperformed other asset classes, Layne said.

A graduate of Bellaire High School, Paul Layne began his real estate career at the Horne Company. He also has experience in the downtown Houston office market, working with Prime Asset Management, Trizec Properties, and Brookfield Properties, before joining Howard Hughes Corp. a decade ago.