Another Apartment Complex; Moving to Lake Charles Market: Houston-Focused Miami Investor Buys

Advenir, one of the most active investors in Houston-area Class B apartments, bought this project in Lake Charles, La.

In Houston, Miami-based Advenir Inc., one of the the most active multifamily investors in southeast Texas, has purchased a project in Lake Charles, La. near the Texas/Louisiana border.

A number of casinos are located in Lake Charles, which is a three-hour drive west of New Orleans and two hours east of Houston.

Advenir bought the 224-unit The Charlestonian at Lake Charles d in the Barbe district near McNeese State University and the Prien Lake Mall. The Charlestonian at Lake Charles is 96 percent leased

Holliday Fenoglio Fowler secured $25.72 million in purchase financing for Advenir through Freddie Mac’s CME program.

Advenir, based in Aventura, Fla., near Miami, has purchased a number of properties in East Houston over the last couple of years, focusing on the hot Class B segment. Last fall, Advenir purchased the 320-unit Park Lakes Apartments, located just south of Loop 610 near the Astrodome.

Advenir’s current portfolio consists of 12,000 apartment units valued at more than $2.4 billion.