HOUSTON – (Realty News Report) – Elandis, a Miami-based real estate investment and property management firm, has completed another multifamily acquisition in Houston’s Westchase District.
Elandis purchased Hudson & Crosby at Westchase, two adjacent multifamily communities totaling 569 residential units, located at 2909 Hayes Road. These two-story properties align with Elandis’s strategy of acquiring workforce housing across Sun Belt markets.
Earlier this year, in a transaction announced in March, Elandis acquired the 260-unit Waters at Westchase on Harwin Drive, further strengthening its presence in Houston.
The recent acquisition is part of a joint venture between Libra Group and London-based M&G Investments. The joint venture has now deployed more than $50 million in equity to support these investments.
Elandis to “Explore Additional Opportunities in the Area”
With this transaction, Elandis leverages local market expertise to expand its footprint in Houston while actively pursuing additional opportunities in the area.
“Hudson & Crosby at Westchase ideally meets the strong demand for workforce housing in the Houston market,” said Luis Pulido, CFO of Elandis. “The acquisition financing is provided by Freddie Mac, giving us support from another government-sponsored enterprise.”
Elandis plans to apply its investment and property management experience to enhance value across these properties through tenant retention initiatives and targeted capital improvements.
Built in 1980, the Hudson & Crosby communities sit within a half-mile of three shopping centers, offering convenient retail options for residents, and they provide easy access to major roadways.
The properties feature one-, two- and three-bedroom apartments and offer shared amenities including a swimming pool and clubhouse, covered parking, a business center, and a fitness center.
Residents will benefit from a comprehensive program of in-unit upgrades as well as improvements to common areas and shared amenities.
Raising residents’ quality of life, preserving much-needed workforce housing, and supporting the surrounding community are central to Elandis’s investment philosophy. The company intends to continue enhancing these properties through sustained management, retention programs, and capital projects.
Nov. 27, 2021 Realty News Report Copyright 2021
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Photo: Elandis
File: Elandis Buys More Apartments
File: Libra Group. Elandis Buys More Apartments in Westchase District. Harwin Drive. Luis Pulido