Brompton Apartments Purchased: What This Acquisition Means for Tenants
Brompton Court
HOUSTON – S2 Capital has purchased Brompton Court, a 793-unit apartment complex located at 7510 Brompton Road in Houston.
Financing for the acquisition was arranged by JLL’s Capital Markets team. Voya Investment Management, LLC provided the loan to S2 Capital, an Addison, Texas–based investment firm led by Scott Everett. The seller was CMS Brompton Court, L.P.
Mark Brandenburg, Managing Director at JLL, led the financing team. “This property presented a strong value-add opportunity in a highly desirable infill location,” Brandenburg said. “The extensive capital improvements planned for the property are expected to deliver significant upside for the new owners.”
Constructed in 1973, Brompton Court spans approximately 717,000 square feet and sits west of Kirby Drive and south of Holcombe Boulevard, just north of Brays Bayou. The three-story complex experienced water damage during Hurricane Harvey.
S2 Capital intends to execute a comprehensive renovation program across the property’s units. Planned upgrades include fresh paint, new appliances, updated flooring and cabinetry, replacement windows, and refreshed bedroom and bathroom fixtures.
Brompton Court lies within Houston’s Medical Center / Braes Bayou apartment submarket. According to JLL, rents in that submarket increased by 5.6 percent from 2016 to 2017.
Following a period of oversupply, Houston’s multifamily market moved back toward balance by the end of last year, recording decade-high positive net absorption of 17,491 units and occupancy gains across all property classes.
