Strategic Realty Acquires Multifamily Site Near Medical Center
Stonebridge at City Park apartments.
HOUSTON – An affiliate of Strategic Realty Holdings has acquired the 240-unit Stonebridge at City Park, located near Highway 288 on Houston’s south side.
Strategic Realty Holdings, based in Calabasas, California, is led by Edward Lorin, a value-add multifamily specialist whose portfolio includes 75 apartment communities totaling roughly 15,000 units.
The Stonebridge property sits at 11800 City Park Central Lane, close to Orem Drive and about three miles south of Loop 610.
Despite being only five miles from the Texas Medical Center — a major employment hub with more than 100,000 workers — this neighborhood has seen relatively little new development. In recent years, many developers have focused farther down Highway 288 toward Pearland, which has been one of the fastest-growing municipalities in the nation.
Built in 2004, The Stonebridge at City Park is slated for a series of upgrades and unit refurbishments to modernize interiors and building systems and to enhance resident amenities.
Electra Capital, a Florida-based alternative lender that provides flexible, short-term multifamily financing solutions, has closed a preferred equity investment of $5.5 million in the Stonebridge acquisition.
