Market briefs
Hazel Equity Acquires Apartments, Colliers Reports, Market briefs
In Houston, Hazel Equity, a Houston-based multifamily investment firm, has purchased the 261-unit Cranbrook Forest, a northwest Houston apartment project.
Cranbrook Forest, built in 1983, is located at 13875 Ella Boulevard, just west of Interstate 45 and north of Rankin Road.
Hazel Equity plans significant interior improvements for the property as part of its value-add strategy for the investment. Renovations to the interiors of the units, with a combination of upgraded appliances, flooring, paint and cabinetry, will generate notable revenue increases, as stated by Colliers.
“Cranbrook Forest is a value-add opportunity located in the stable northwest submarket of Houston,” says Bob Heard of Colliers in Houston. “The buyer is provided the rare opportunity to renovate all 261 unit interiors, which will generate higher rent premiums. The transaction, even though it was a loan assumption, went smoothly and professionally with Hazel Equity. It was great to work with Lone Star Capital, who also maintained professionalism throughout the entire process. Both buyer and seller were considerably easy to work with.”
Bob Heard, Teresa Lowery, Todd Stewart and Chip Nash of Colliers in Houston worked with Cindy Cooke, Brad Cooke, Chris Roach and Matt Roach of Colliers in Arizona on the sale transaction.
Cranbrook Forest, which is 92 percent occupied, has floorplans averaging 829 SF. In recent years, an excess of $3 million was spent there for capital improvements, primarily focused on the exterior of the community.
