HOUSTON – (Realty News Report) – Sueba USA and its affiliated companies have sold three upscale multifamily communities in the Houston metropolitan area, Colliers announced.
“The Sueba 3 Portfolio represented a rare opportunity for an investor to acquire three high-end, Class A+ multifamily communities in the dynamic Houston market,” said J. Todd Stewart, Senior Vice President with Colliers in Houston. “These assets reflect the high-caliber development standards Sueba is known for. As one of the premier developers in the Greater Houston area, Sueba is recognized for creating outstanding residential and commercial properties in key submarkets.”
Todd Stewart, Teresa Lowery, Chip Nash, Bob Heard, Cindy Cooke, Brad Cooke, Matt Roach and Ron Cameron of Colliers represented the seller, Sueba, in the transaction.
The Sueba portfolio totaled more than 800 units and included Ventura Lofts and two San Marino communities developed by Sueba.
The buyer is Dallas-based RREAF Holdings, a privately held commercial real estate firm that acquires, develops, manages, owns, repositions and finances projects across the United States.
“This is part of a 21-property multifamily portfolio acquisition that RREAF Holdings has been working on for several months, and it is one of the largest transactions in the country since the COVID-19 outbreak,” said RREAF Holdings CEO Kip Sowden.
Bob Heard, Senior Vice President with Colliers in Houston, has worked with Graham Sowden, RREAF Holdings’ Director of Acquisitions, over a four-year period, closing seven deals encompassing 12 individual properties.
Since entering the Houston market in 1984, Sueba USA has developed more than 10,000 apartment units. Each of the three Sueba-developed communities acquired by RREAF Holdings offers a low-density residential experience with park-like common areas and mature landscaping.
Sueba continues to build in the Houston area. In the Energy Corridor, Sueba recently began construction of its next upscale multifamily community, the 318-unit San Estrella. The development sits on a nine-acre site at 13475 Rincon Drive near the northwest corner of Eldridge Parkway and Westheimer Road.
Oct. 22, 2021 Realty News Report © 2021
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File: Sueba Sells Three Apartment Communities to Dallas Investor
Image: Courtesy Colliers