Lion Buys Houston Property, Market briefs

In Houston, Lion Real Estate Group, LLC, a Dallas-based real estate firm focused on acquiring multifamily properties, has purchased the Stone Creek at Old Farm apartments in Houston..

The 190-unit, Class B+, multifamily property is located at 8585 Woodway Drive, just west of Voss Road, north of Westheimer Road and south of Buffalo Bayou.

The off-market purchase, Lion’s first in the Houston market, was made on behalf of its Fund III investment vehicle.

Lion Plans to Acquire More Multifamily

“Our business plan is to complete a moderate renovation with updated finishes to every unit at the property and bring rents to market. We will continue acquiring value-add communities in the Houston MSA, as well as our other target markets of Dallas-Fort Worth, Charlotte, Raleigh-Durham, Phoenix, Austin, and others,” said Jeff Weller, Co-CEO of Lion.

Lion, founded in 2007 by Jeff Weller and Mory Barak, has purchased more than 14,634 units nationwide since its inception.

“Each of Lion’s core and target markets exhibit positive macro trends such as robust population growth, income growth, and favorable affordability metrics relative to coastal and other major metros. We feel that our markets are well positioned to continue their upward trajectory as more people continue to move to them. This will result in strong rent growth and further value-add opportunities,” said Mory Barak, Co-CEO/Co-Founder of Lion.

At its newly purchased Houston apartments, Lion plans to implement a light renovation program at the 1999-built Stone Creek at Old Farm community, including new countertops, backsplashes, lighting packages, and stainless-steel appliances where necessary. Exterior and amenities upgrades have already been completed at an asset that was in well-maintained condition.

Ben Kriegsman is Director of Acquisitions at Lion. The Stone Creek at Old Farm is Lion’s fifth purchase in its Fund III.

Last year, a Lion fund purchased the 354-unit Surround Apartments in Irving, Texas from Nitya Capital, a Houston-based investment firm founded by Swapnil Agarwal. At that time Nitya said it intended to sell some 40 percent of its properties.