HOUSTON — (By Dale King, Realty News Report) – A joint venture of Avid Realty Partners and Electra Capital, acquired The Pines at Woodcreek Apartments, a 330-unit development in the Houston suburb of Humble.
Electra Capital invested $12.2 million of preferred equity into the deal. “We like the cost basis of this new construction asset and expect it to generate reliable returns for our investors,” said Samuel Greenblatt, the company’s president and CEO.
“This is a gorgeous core-plus asset in a fast-growing submarket of Houston,” said Craig Berger, founder and CEO of Avid Realty Partners and manager of the joint venture. “We expect to optimize operations and enjoy strong cash flow and appreciation.”
This is Avid Realty Partners’ third multifamily property acquisition in Houston, with a total presence of more than 800 units providing scale and operational efficiencies, the company said.
The property, a gated community, is located at 21021 Aldine Westfield Road in Humble, close to Bush Intercontinental Airport. Outdoor amenities include a one-acre dog park, a fitness center and pocket parks shaded with mature pine trees.
Avid Realty Partners worked in cooperation with Acuity Partners to invest $4.1 million of common equity into the deal.
Acuity Partners also contributed to other property acquisition responsibilities including underwriting and due diligence. Acuity Partners’ CEO Bob Spiegel and President Scott Kurland will assist with asset management.
The Pines at Woodcreek Apartments was purchased with an in-place Fannie Mae loan serviced by Greystone. The transaction was brokered by the Houston office of Newmark Knight Frank.
Florida-based Electra Capital provides bridge loans, mezzanine loans and preferred equity and boasts a national network of experts in acquisitions, underwriting, structuring, closing and management.
July 22, 2020 Realty News Report Copyright 2020
Caption: Pines at Woodcreek Apartments, a 330-unit development in Humble, Texas.
File: Pines at Woodcreek Apartments. File (2) Avid Electra JV Buy Pines at Woodcreek Apartments