HOUSTON – (Realty News Report) – New York-based July Residential has purchased a 1,275-unit multifamily portfolio in Houston.
The portfolio includes five apartment communities constructed between 1976 and 1983, located in the Westwood and Braeswood/Fondren submarkets of Southwest Houston and near William P. Hobby Airport, according to Berkadia.
Berkadia arranged financing for the acquisition.
July Residential, co-founded by Avihai Daniell and Isaac Pinto, focuses on the development, acquisition and operation of multifamily properties. The company’s portfolio spans garden-style, mid-rise and mixed-use/new-build projects across the United States. Since the COVID-19 pandemic, July Residential has acquired more than 1,500 units and continues to pursue multifamily opportunities across the Sun Belt and Mid-Atlantic regions.
Berkadia’s Mitch Sinberg, Matthew Robbins and Abigail Beauchamp of Berkadia Boca Raton secured the financing on behalf of July Residential.
Voya Investment Management originated a four-year loan with a single 12-month extension option at a 75 percent loan-to-value ratio, including 100 percent future funding for capital expenditures.
“These well-positioned assets in Houston submarkets that offer quick access to major employment centers presented the buyer with an excellent opportunity to implement a full-scale, value-add program,” said Sinberg. “The limited supply and steady rent growth, particularly for Class B assets like these, provide a strong foundation for the properties moving forward.”
The properties in the portfolio are:
Airport Crossing – A two-story garden-style community with 178 units across 11 buildings. Built in 1983 and located at 8300 West Airport, the property offers one- and two-bedroom apartments ranging from 550 to 1,010 square feet. Units include large walk-in closets, washer and dryer, built-in bookshelves, a fireplace, dishwasher, disposal, private patios, storage units, high-speed internet and assigned parking.
The Townhomes – Built in 1981 and located at 8030 West Airport, this community contains 16 two-story townhome-style buildings with 73 units. Floor plans include one- and two-bedroom layouts from 686 to 1,010 square feet. Individual units feature vaulted ceilings, walk-in closets, a fireplace, dishwasher, disposal, washer and dryer connections, high-speed internet and patios or balconies.
Terrace at West Sam Houston – A 428-unit, two-story garden-style property consisting of 29 buildings. Built in 1979 and located at 9475 West Sam Houston Parkway, it offers one- and two-bedroom apartments ranging from 450 to 1,000 square feet. Units include walk-in closets, washer and dryer hookups, a fireplace, dishwasher, disposal, built-in bookshelves, high-speed internet, patios or balconies and storage units.
Casa Grande – A 268-unit, two-story garden-style community with 18 buildings. Built in 1979 and located at 9445 Concourse, Casa Grande offers one- and two-bedroom apartments from 450 to 981 square feet. Units feature walk-in closets, high-speed internet, a fireplace, dishwasher, disposal, washer and dryer hookups, built-in bookshelves, storage units and patios or balconies.
Plaza at Hobby Airport – Built in 1976 and located at 8501 Broadway, Plaza at Hobby Airport comprises 328 units in 22 two-story garden-style buildings. The one- and two-bedroom apartments range from 565 to 964 square feet. Individual units are cable-ready and include ceiling fans, a dishwasher, air conditioning and reserved parking.
Investors have been active in Houston’s multifamily market recently, reflecting continued demand for rental housing in the region.
Sept. 22, 2021 Realty News Report Copyright 2021
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File: Investor Buys Five Apartment Complexes
Photo: Courtesy Berkadia