HOUSTON – (Realty News Report) – Hazel Equity, a Houston-based multifamily investment firm, has acquired Cranbrook Forest, a 261-unit apartment community in northwest Houston.
Built in 1983, Cranbrook Forest is located at 13875 Ella Boulevard, just west of Interstate 45 and north of Rankin Road.
As part of its value-add strategy, Hazel Equity plans significant interior renovations throughout the property. Upgrades will include new appliances, modern flooring, fresh paint and updated cabinetry. These interior improvements are expected to drive rental increases and enhance overall property performance, according to Colliers.
“Cranbrook Forest is a value-add opportunity in the stable northwest Houston submarket,” said Bob Heard of Colliers in Houston. “The buyer has the rare opportunity to renovate all 261 unit interiors, which will create higher rent premiums. Although the transaction was structured as a loan assumption, it proceeded smoothly and professionally with Hazel Equity. It was a pleasure to work with Lone Star Capital, who maintained a high level of professionalism throughout. Both buyer and seller were very easy to work with.”
Colliers’ Houston team that facilitated the sale included Bob Heard, Teresa Lowery, Todd Stewart and Chip Nash. They coordinated with Colliers’ Arizona team members Cindy Cooke, Brad Cooke, Chris Roach and Matt Roach on the transaction.
Cranbrook Forest is currently 92 percent occupied and features floorplans averaging 829 square feet. In recent years, the community received more than $3 million in capital improvements, primarily focused on exterior upgrades.
Market context: rents in Houston rose substantially in 2021, reflecting strong demand in the multifamily sector.
Jan. 13, 2022 Realty News Report. Copyright 2022.
Image: Courtesy Colliers.
Recommended reading: For a longer-term perspective, see a previous Realty News Report Q&A with Teresa Lowery, Colliers’ Senior Managing Director of Multifamily, which reviews the highs and lows of the multifamily market. Lowery has participated in more than $8 billion in multifamily investment sales over her career and has noted Houston’s continuing appeal as a multifamily investment market.
Related book: Houston 2020: America’s Boom Town – An Extreme Close Up by Ralph Bivins (ebook and print editions available).
File: Hazel Equity Acquires Apartments
File: Colliers. Hazel Equity Acquires Apartments. Cranbrook Forest. Ella Blvd.