Investors Grab Apartment Complex, Market briefs

In Houston, New York-based Sunsail Capital and Dallas-based ZaneCRE reported the joint purchase of Sarah at Lake Houston, a garden-style community located in Humble on the northside of the Houston area.

In Completed in 2020, the Sarah at Lake Houston is a 350, unit community features unique lakeside living at 17571 West Lake Houston Parkway.

“We believe in the strength and stability of the Houston metro market and it’s long term growth potential. We are proud to add Sarah at Lake Houston to our real estate portfolio in Texas,” the buyers said in a statement. “This property is in a strong position due to its stable, high-income tenant base and superb location. We continue to see strong growth across the state of Texas, led by jobs and population growth and a diverse mix of economic and quality of life benefits for residents throughout the area.”

The investor teams are led by Julia Bykhovskaia at Sunsail Capital, and Iqbal (Ike) Mutabanna and Dustin Howard at ZaneCRE.

Zack Springer of Newmark brokered the transaction. Purvesh Gosalia, also of Newmark, structured the financing for the deal.

Earlier this week, a new multifamily development was reported in the northeast sector. High Street Residential, the residential subsidiary of Trammell Crow Company, and JV partner Daiwa House Group have started work on the Residences at Kingwood. The project will deliver 240 garden apartments homes and 49 townhomes when it is completed in late 2023. Located in the Kingwood large-scale planned community in northeast Harris County, the development is 30 miles northeast of downtown Houston at 6519 Kings River Commercial Drive.