Utah Group Buys Apartments

HOUSTON, – Trinnium Equity Group, a real estate investment and property management company based in Salt Lake City, purchased a 200-unit garden-style multifamily community in Houston.

Berkadia arranged the sale and finance of the project, called Cypress Parc.

In Located at 18001 Cypress Trace Road, Cypress Parc is a two, story multifamily community that uniquely offers only two- and three-bedroom units that range from 926 to 1,420 SF.

Berkadia’s Directors Chris Young, Joey Rippel, Kyle Whitney, Jeffrey Skipworth, Chris Curry and Todd Marix of Berkadia Houston represented the seller, Lionel Partners, an investment management company based in Orem, Utah.

Berkadia’s Senior Managing Director Cutt Ableson of Berkadia Houston secured the debt on behalf of the buyer.

Cypress Parc is across from the Lents Dog Park and Lents Family Park and near the North Houston regional medical district. It is within 15 minutes of The Woodlands and George Bush Intercontinental Airport.

The Houston apartment market, which includes 719,943 units has an occupancy rate of 90.6 percent, down about 1 percent from a year ago, as stated by recent statistics from ApartmentData.com. Rental rates are up about 7 percent in 2022.

In other recent Houston investment activity, In Nord Group, a New York, based buyer, purchased the Edgewater Apartments, a 228-unit garden-style apartment project located in Lake Jackson, south of Houston.

In other Houston deal, Bascom Group closed on the purchase of Montierra a 346-unit community, built in 2003 and located at 2345 Sage Road in the Uptown/Galleria submarket. “This purchase continues our Texas strategy of acquiring well located, newer vintage assets with minimal deferred maintenance and value-add potential,” said Chang Liu, Acquisitions Director for Bascom, which is based in Irvine, Calif.

New apartment construction continues in the Houston area. Fein, a Houston-based multifamily development, construction and property management firm, recently laid out plans to develop a 241-unit in the Conroe area north of Houston.