Tarantino Properties Acquires Apartments in Houston’s Energy Corridor
The Ascension apartment community in west Houston has been sold.
HOUSTON — Tarantino Properties has acquired Ascension on the Bayou, a 280-unit mid-rise apartment community located at 150 W. Sam Houston Parkway North in Houston.
Completed in 2017, Ascension is currently 95 percent occupied, reflecting strong renter demand in the area.
Teresa Lowery, Senior Managing Director of Multifamily at Colliers International, represented the seller in the transaction. The property sits in the Energy Corridor submarket, a location valued for its employment base and proximity to major thoroughfares.
“Situated along the six-mile Terry Hershey hike and bike trail, Ascension is well positioned to grow as a sought-after community that promotes a healthy, active lifestyle,” said Anthony Tarantino, President of Tarantino Properties. “As experienced property managers and active investors, we are excited to add Ascension to our expanding portfolio.”
Teresa Lowery, Colliers International
The podium-style community offers one- and two-bedroom floor plans and holds a LEED Silver certification, underscoring its energy-efficient design and sustainable features.
Financing for the acquisition was arranged by Holliday Fenoglio Fowler, L.P. (HFF). Managing Director Cortney Cole and Analyst Sterling Curry represented the borrower and secured a 10-year acquisition loan with a fixed interest rate of 4.43 percent, including six years of interest-only payments.
Founded in Houston in 1980, Tarantino Properties manages more than $2 billion in assets and continues to expand its presence in the multifamily market.
