HOUSTON – (Realty News Report) Lone Star Capital, a New York–based real estate investment firm, has acquired the Hollister Apartments, a 156-unit, garden-style community in Dickinson in southeast Houston.
“Lone Star is pleased to add Hollister to its growing Houston portfolio given the area’s strong and stable population growth,” said Rob Beardsley, Principal of Lone Star Capital. “Building on the seller’s solid foundation, our plan includes adding smart-home technology and package lockers, installing washers and dryers in all units, and creating a fitness center, business center, and upgraded lighting throughout the property.”
Chris Young, Joey Rippel and Kyle Whitney of Berkadia Houston represented the seller, Sunstone Properties Trust, a multifamily real estate investment manager based in Southern California.
“Hollister Apartments is well positioned between job-rich Clear Lake and Galveston’s beaches and provides attractive lifestyle amenities,” Young said. “The previous owner invested $6 million in renovations, updating all common areas and amenities and producing a 40 percent rent increase. The property is well-positioned for further income growth and value appreciation under new ownership.”
Johnny King of Berkadia Houston arranged acquisition financing for Lone Star Capital, with Freddie Mac originating the loan.
“Zoning and other barriers to entry in this area limit new competition,” King said. “As a result, workforce housing and especially renovated communities like Hollister are positioned to outperform peers in this submarket.”
Built in 1976 and renovated in 2019, Hollister Apartments is located at 810 Deets Road and offers one-, two- and three-bedroom floor plans. Recently updated units range from 362 to 1,350 square feet.
Located in Dickinson between Galveston and Houston, Hollister Apartments provides easy access to the Gulf Freeway and is near Sam Vitanza Stadium.
Dec. 23, 2021 Realty News Report. Copyright 2021.
Photo: Courtesy Berkadia
File: Lone Star Buys Apartments Near Gulf Freeway
File: (2) Berkadia. Lone Star Buys Apartments in Dickinson. Freddie Mac. Sam Vitanza Stadium