HOUSTON – (Realty News Report) – An affiliate of Strategic Realty Holdings has acquired the 240-unit Stonebridge at City Park near Highway 288 on the southside of Houston.
Strategic Realty Holdings, based in Calabasas, Calif. is led by Edward Lorin a value-add multifamily specialist with a track-record that includes 75 apartment complexes with 15,000 units.
The Stonebridge, 11800 City Park Central Lane, near Orem Drive, about three miles south of Loop 610.
Although it’s located only five miles from the Texas Medical Center, where over 100,000 people are employed, the area has been largely skipped over for new development. Developers went farther out Highway 288 to Pearland, one of the fastest growing municipalities in the nation over the last decade.
The Stonebridge at City Park apartments, built in 2004, are expected to receive improvements are refurbishments.
Electra Capital, a Florida-based alternative lender specializing in flexible, short-term multifamily financing solutions, has closed on a preferred $5.5 million equity investment in the Stonebridge apartments.
The Stonebridge was purchased from Atlas Stonebridge at CityPark LLC.
