Miami-based LPI Holdings has acquired The Preserve at Old Dowlen, a 304-unit multifamily property in Beaumont. Photo: Newmark Knight Frank
BEAUMONT, Texas – (Realty News Report) – Miami-based LPI Holdings has acquired The Preserve at Old Dowlen, a 304-unit multifamily property in Beaumont, about 90 miles east of Houston.
NKF Multifamily Capital Markets Debt & Structured Finance Executive Managing Director Purvesh Gosalia worked on behalf of LPI Holdings to secure a 12-year, fixed-rate acquisition loan from Fannie Mae. It was 93 percent occupied at the time of sale.
“LPI Holdings chose this property due to the strong historical occupancy and in-place yield,” NKF’s Shaffer said. “They also recognized the fact that the Beaumont market is fundamentally sound and has had very little new supply delivered in the past five years. LPI was able to secure high leverage agency debt with four years of interest only, further increasing going in returns.”
The project is located in northwest Beaumont adjacent to Parkdale Mall.
Venterra specializes in the identification, development, finance, acquisition and management of multifamily communities throughout the southern U.S. with a portfolio valued at over $2.8 billion.
Venterra, led by co-founders John Foresi and Andrew Stewart, has dozens of projects in Texas, in addition to multifamily communities in Florida, Georgia, Kentucky, North Carolina and Tennessee.
