HOUSTON – (Realty News Report) – Sueba USA and its affiliated companies, have sold three upscale multifamily communities in the Houston metropolitan area, according to Colliers.
“The Sueba 3 Portfolio represented a rare opportunity for an investor to acquire three high-end, Class A+ multifamily communities in the dynamic Houston market,” says J. Todd Stewart, Senior Vice President with Colliers in Houston. “These assets reflect the high caliber development standards that Sueba is known for. As one of the premier developers in the Greater Houston area, Sueba is recognized for creating outstanding residential and commercial properties in key submarkets.”Todd Stewart, Teresa Lowery, Chip Nash, Bob Heard, Cindy Cooke, Brad Cooke, Matt Roach and Ron Cameron of Colliers represented the seller, Sueba, in the sale transaction.
The Sueba portfolio, which totaled over 800 units, included Ventura Lofts, the San Marino community, and the San Marino community.
The buyer was Dallas-based RREAF Holdings, a privately held commercial real estate firm that acquires, develops, manages, owns, repositions and finances real estate projects throughout the United States.
“This is part of a 21 multifamily portfolio acquisition that RREAF Holdings has been working on for several months, and is one of the largest transactions in the country since the outbreak of the COVID pandemic,” said RREAAF Holdings CEO Kip Sowden.
Bob Heard, Senior Vice President with Colliers in Houston has worked with Graham Sowden, RREAF Holdings Director of Acquisitions over a four-year period closing seven deals, encompassing 12 individual properties.
Since its entry into the Houston market in 1984, Sueba USA has developed over 10,000 apartment units. Each of the three Sueba-developed communities acquired by RREAF Holdings offer a low-density residential experience with park-like common areas and mature landscaping.
Sueba has been constructing new projects in the Houston area.
In the Energy Corridor, Sueba recently started of its next upscale multifamily community, the 318-unit San Estrella, located on a nine-acre site at 13475 Rincon Drive near the northwest corner of Eldridge Parkway and Westheimer Road.
Oct. 22, 2021 Realty News Report Copyright 2021
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File:Sueba Sells Three Apartment Communities to Dallas Investor
Image: Courtesy Colliers