Multifamily investors add to Houston portfolios
A partnership consisting of Houston-based Better World Holdings and New York-based Crown Capital Ventures has acquired Serenity at Cityside, a 362-unit apartment complex at 6061 Beverly Hill St. The property, to be renamed Aura Galleria, will undergo a $6-million modernization that will include interior renovations and community amenities. Constructed in 1968, the development consists of a mix of one-, two- and three-bedroom floorplans within 32 two-story buildings. The seller was CPEP Beverly Palms, LLC. Last November, the partnership acquired the 449-unit Skylar Pointe Apartments in the Clear Lake neighborhood.
A joint venture of RPM Living Investments and DRA Advisors acquired the 372-unit San Paloma apartments at 1255 Eldridge Parkway in the Energy Corridor. The seller was Blackstone/Livcor. It is Austin-based RPM’s second joint venture with New York-based DRA and 16th acquisition in the Houston area.
Lone Star Capital, an investment firm based in New York, acquired Timberwalk, a 300-unit apartment complex at 5635 Timber Creek Place, just west of Texas 6 in northwest Houston. Chris Young, Joey Rippel, Kyle Whitney, Jeffrey Skipworth, Chris Curry and Todd Marix of Berkadia Houston represented the seller, Dallas-based Performance Properties. Johnny King of Berkadia Houston arranged financing. The property was built in 1983 and has units from 501 to 1,088 square feet.
A partnership between Tranquility Capital, Abundance Equity Partners and Rubio Investors acquired Bridgewater Apartments, a 206-unit apartment complex at 1100 Graham Drive in Tomball. Joey Rippel, Chris Young, Kyle Whitney, Jeffrey Skipworth, Chris Curry and Todd Marix of Berkadia Houston represented the seller, Houston-based Sentinel Capital. Cutt Ableson of Berkadia Houston arranged financing. The property was built in two phases in 1979 and 1982 and has units from 670 square feet to 944 square feet.
Brixton Capital, a real estate investment firm based in Solano Beach, Calif., purchased Regatta Bay, a 240-unit apartment community at 2555 Repsdorph Road in Seabrook. Matt Saunders of Newmark represented the sellers, Miami-based Lloyd Jones and Polaris Realty. United Apartment Group, a San Antonio-based property management firm acquired by Brixton in 2020, will manage the property. Built in 2003, the property consists of 15 two- and three-story buildings and has a pool, dog park, tenant lounge and fitness center. Brixton plans to upgrade the property amenities and renovate the unit interiors.
New York-based Sunsail Capital and Dallas-based ZaneCRE jointly acquired the 350-unit Sarah at Lake Houston apartments at 17571 W. Lake Houston Parkway in Humble. Zack Springer of Newmark brokered the transaction. Purvesh Gosalia, also of Newmark, arranged financing. The complex was built in 2020.
ApartmentData.com, a Houston-based company founded by John Severance in 1986 to provide rental trend data to the multifamily industry, has been acquired by MRI Software, a global provider of real estate software based in Solon, Ohio. ApartmentData.com serves large and small apartment property management companies, investors, locators and vendors across the Houston, Dallas/Fort Worth, Austin, San Antonio, Atlanta, Phoenix/Tucson, Nashville, Raleigh/Durham, Charlotte, Orlando, Tampa and Jacksonville markets. The acquisition enables both ApartmentData.com and MRI’s clients to take advantage of new and expanded capabilities to help them manage real estate portfolios, according to ApartmentData.com CEO Rudy Mui.
Farha International, a local investment group, acquired the 74,501-square-foot Monroe Medical Plaza, a three-building project on 6.8 acres at 8525 Gulf Freeway, from Monroe Casco Ltd. John Indelli of JLL and Daniel N. Casey of Casco Realty Advisors represented the seller. The center is 91 percent leased to 10 tenants.
MikeNPrang LLC purchased a 2.9-acre tract on Timber Forest Drive, north of Will Clayton Parkway, in Humble. Rick Trevino of Loyal Texas Properties represented the buyer. Tom Condon Jr. of Colliers represented the seller, Patricia Al-Attas Barrett. The buyer plans to develop a facility for the assemblage and sale of mobile security camera trailers.
Skin Pharm Houston has leased 4,147 square feet of office space at 3720 Westheimer from ROSC Owner LLC. Jared Laake of Bradford Commercial Real Estate Services in Dallas represented the tenant. Robert Sussman of Ancorian represented the landlord.
Blackstone, primarily through its Blackstone Real Estate Income Trust and Blackstone Property Partners divisions, completed the $12.8 billion acquisition of American Campus Communities, a developer, owner and manager of student housing communities in the United States.
