Texas multifamily properties are the thing among investors these days, apparently.
Virginia-based McCann Realty Partners bought two garden-style apartment communities in Houston late last year, adding 526 units to its Texas portfolio. The purchase price was not disclosed, as Texas is one of 12 US states where sale prices do not appear in public records. Both transactions were financed with an institutional partner.
Discovery at West Road, formerly known as the Watermarke, is the larger of Houston’s two complexes. Built in 2005, it has 280 two- and three-storey Class B apartments with attached garages on some units. The low-density, suburban-style community is at 9404 West Road in northwest Houston. It features a resort-style pool, outdoor grilling station, fitness center, and community clubroom, all located in a low-density setting on 15 acres. It is adjacent to the Sam Houston Tollway in a mixed-use neighborhood in Harris County. The posted rents vary from $1,060 to $1,654 per month.
The slightly smaller Haven at Eldridge is a three-story, 246-unit suburban garden community, also built in 2015. It features one- to three-bedroom units with individual garages. Group amenities on its 11 acres are comparable to Discovery at West Road, although Haven at Eldridge is classified as a Class A asset. The property is near Eldridge Parkway in the Energy business district. West Houston Corridor. His posted rents range from $1,110 to $1,990 per month.
McCann said he would invest an undisclosed amount of capital to improve exterior finishes, interiors and amenities in both communities. Pegasus Residential, an Atlanta-based subsidiary of McCann, will manage the properties. McCann expanded its partnership with Pegasus in September.
The Houston properties, along with a multi-family community in Richmond, Va., which the company acquired around the same time, are “well-located and in markets that show strong fundamentals for near- and long-term growth.” term,” said Matt Akin, president of McCann. , in a press release.
Like many national real estate companies, McCann is focused on new properties and development opportunities in the Mid-Atlantic, Southeast and Texas.