San Antonio Multifamily Firm Buys 352-Unit Houston Apartment Portfolio
The Luxe at Katy apartments have been acquired by a San Antonio group.
HOUSTON — Valcap Group has acquired a 352-unit multifamily community in Katy, west of Houston, in an off-market deal, CBRE reported.
The property, formerly The Remington Katy and now operating as Luxe at Katy Apartments, is located at 22631 Colonial Parkway.
Matt Phillips and Clint Duncan, both Senior Vice Presidents with CBRE in Houston, represented the seller, Conti Street Partners, LLC.
Michael Thompson, Executive Vice President in CBRE’s Debt and Structured Finance group, arranged financing for the buyer, Valcap Group. Valcap is a San Antonio-based multifamily firm led by Rich Fishman.
Built in 2013, the community is currently 97 percent occupied. The complex contains units averaging about 940 square feet.
“I think both parties were pleased with the outcome of this transaction, especially considering the low transaction volume of newer multifamily assets in Houston throughout this year,” said Phillips.
“Off-market transactions continue to be prevalent in today’s market and this is a trend we expect to see more of during the first half of next year,” Duncan added.
