HOUSTON – (Realty News Report) – An affiliate of Equus Capital Partners, Ltd. has acquired The Parkway on Westlake, a 320-unit apartment community near Lake Houston in northeast Houston, for $53,250,000.
Houston multifamily developer Martin Fein Interests sold the property. Fein developed the 320-unit project on an 18-acre site along West Lake Houston Parkway, adjacent to The Groves master-planned community.
The garden-style community was 93 percent occupied at the time of sale. The acquisition was completed on behalf of Equus Investment Partnership XI, L.P. (“Fund XI”), a fully discretionary equity fund with $387.8 million in capital managed by Equus.
Fein recently sold its 268-unit Mark development in Springwoods Village to CDC Houston.
Completed in 2018, The Parkway on Westlake is located at the intersection of Lake Houston Parkway and Madera Run Parkway and features one-, two- and three-bedroom floor plans. The property consists of twelve two- and three-story garden-style residential buildings on an 18-acre site; all units include nine-foot ceilings.
Exterior amenities include an infinity-edge pool with beach entry, a dog park, walking trails and a two-acre bass-stocked fishing lake.
The Parkway on Westlake sits approximately five miles from Generation Park, a 4,200-acre mixed-use development led by Ryan McCord that is positioned to become a major regional employment hub.
In addition to its proximity to Generation Park, The Parkway on Westlake is located in the rapidly growing Humble submarket, which has benefited from recent infrastructure improvements that have driven strong local rental demand, Equus said.
Equus Goal: Expand Texas Residential Holdings
“One of the firm’s objectives was to expand our Texas residential portfolio following our recent apartment acquisition in McKinney in 2020. Through the acquisition of Parkway on Westlake, we are adding a high-quality asset in a prime location that is expected to see sustained rental demand,” said Peter Naccarato, Equus acquisitions manager. Naccarato, along with Andrew Peabody, acquisitions manager, and Alex Keszeli, financial analyst, oversaw the transaction for the firm. “By acquiring this well-appointed property with premium amenities, our team can concentrate on leasing and operational initiatives as we implement our business plan.”
Madison Apartment Group, L.P., Equus’s multifamily operating arm, will manage the community.
Equus Also Purchases Houston Industrial Park (757,325 SF)
Equus, headquartered in the Philadelphia area, recently expanded its Houston holdings with the acquisition of an industrial property.
Park 845 Crossing is a five-building industrial park totaling 757,325 square feet located at 1710 North Freeway in north Houston. JLL represented the seller, a joint venture between IDI Logistics and Heitman. JLL Capital Markets arranged a three-year, floating-rate acquisition loan of $55 million on behalf of the borrower.
Park 845 Crossing occupies sites at the intersection of Interstate 45 and Beltway 8—addresses include 1710 North Freeway and 51, 71, 101 and 121 Esplanade Blvd.—in the North Houston industrial submarket. The park is approximately eight miles from George Bush Intercontinental Airport and about 15 miles north of downtown Houston.
The Class A facilities were developed between 2008 and 2014 and feature clear heights from 18 to 30 feet, 186 dock doors, two cross-dock buildings and three rear-load buildings. Park 845 Crossing is currently 61.5 percent leased to 11 tenants, providing value-add upside through leasing of remaining vacancy.
The JLL Capital Markets team representing the seller included Senior Managing Directors Rusty Tamlyn and Trent Agnew, Director Charlie Strauss, and analysts Katherine Miller and Jack Moody. JLL’s debt placement team was led by Senior Directors John Ream and Michael Johnson, with analyst Stuart Hepler.
June 24, 2021 Realty News Report. Copyright 2021.
For more about Texas real estate, see the book Houston 2020: America’s Boom Town – An Extreme Close Up by Ralph Bivins. Available from retail ebook sellers.
Image courtesy: Equus
File: Equus Acquires Fein Apartments for $53 Million
File: (2) Martin Fein. Equus Acquires Fein Apartments for $53 Million. Lake Houston. Park 845 Crossing. JLL Capital Markets. Madison Apartment Group. CDC Houston.