Michigan Firm Buys West Houston Multifamily, Market briefs

Lodge at Shadowlake apartments sold to Hayman Co.

In Houston, Hayman Co. has purchased The Lodge at Shadowlake, a 518-unit garden apartment project on Richmond Avenue in west Houston.

The Lodge at Shadowlake is strategically located between two of Houston’s strongest employment centers, the Westchase Business District and Houston’s I-10 Energy Corridor. Residents have ready access to the retail amenities on Westheimer Road and proximity to the Westpark Tollway and Beltway 8. The property offers an attractive, park-like setting, updated amenity package, and units with 9 foot ceilings, crown molding, computer desks and washer/dryers.

Hayman Co., which is based in Troy, Mich., will implement its proven value-add program to enhance curb appeal, improve management and drive revenues. This program is set to include the renovation and remodeling of unit interiors, building exteriors and amenity areas.

Hayman Company’s current multifamily portfolio is now over 12,000 units. Over the past twelve months, Hayman Company has purchased 3,031 apartment units nationally with a capitalized value of $269 million.