Chicago Investor Acquires 330-Unit Multifamily Portfolio
Carrington at Barker Cypress apartments.
HOUSTON – (Realty News Report) – Waterton, a Chicago-based real estate investor and operator, has acquired Carrington at Barker Cypress, a 330-unit apartment community located at 7202 Barker Cypress Road in Cypress, Texas, approximately 25 miles northwest of downtown Houston.
Following the widespread flooding from Hurricane Harvey, which damaged an estimated 204,000 single-family and multifamily homes, the Houston apartment market saw a significant increase in occupancy last year.
“Houston as a whole has seen a decline in multifamily supply, which has made investing in the area particularly compelling,” said Matt Masinter, senior vice president of acquisitions at Waterton. “Waterton plans to renovate every unit to a contemporary standard, including stainless steel appliances, granite countertops, new cabinet fronts and tile backsplashes.”
Carrington at Barker Cypress represents Waterton’s first multifamily acquisition of 2018. Founded in 1995 by industry veterans David Schwartz and Peter Vilim, the firm currently owns and manages two other rental communities in the greater Houston area, totaling nearly 570 units.
Built in 2007, Carrington at Barker Cypress features one-, two- and three-bedroom townhome-style apartments, with unit sizes ranging from 830 to 1,567 square feet. The community is adjacent to Langham Creek High School and Holmsley Elementary School, offering convenient access for residents with school-age children.
The property was acquired from an investment group that included affiliates of California-based Virtu Investments.
