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California Investor Finds Value-Added Gem in Houston

29 Jul 2015, 3:36 pm

By Liviu Oltean, Associate Editor

After screening several hundred properties, a Santa Rosa, Calif.-based investor believes to have found the perfect value-added apartment community in Houston.

Praxis Residential Inc. is now the new owner of the Carriage Place Apartments, a 276-unit multifamily community located within the Bammel submarket at 505 Wells Fargo Drive.

Carriage Place Apartments

Carriage Place Apartments

The property features 156 one-bedroom units and 120 two-bedroom units, their size ranging between 587 and 1,283 square feet. Praxis plans to invest almost $2.5 million in capital improvements. According to Yardi Matrix data, the 37-year old building was acquired from The Lynd Co., which purchased the property back in 2005.

“This is a true value-added play, ideal for repositioning it to be more in line with the surrounding Class A and B complexes,” Brian Burke, president of Praxis Residential, said in a prepared statement. “We’ve had tremendous success employing this strategy with similar properties in the Houston area and this property holds promise for substantial untapped value. We foresee this as a very desirable property for both our residents and investors.”

Richland Cos. Finds New Headquarters

23 Jul 2015, 2:05 pm

By Liviu Oltean, Associate Editor

The 550 Post Oak office building located in Houston’s West Loop submarket will soon become the headquarters of one of the city’s largest commercial real estate property owners. The Richland Cos. unveiled that it has acquired the building and will be moving its headquarters there after the completion of a $1.5 million renovation plan.

550 Post Oak

550 Post Oak

The 6-story, 53,872-square-foot building sits on the northeast corner of Post Oak Blvd. and Post Oak Park. It features card-key access, on-site management and podium-style parking. Richland not only plans to renovate the exterior of the building, but will also add a gym, on-site car washing services, laundry and dry cleaning pickup, and gourmet food trucks that visit twice per week. The new office is about two miles from the old one, which is located at 1110 N. Post Oak Lane.

“We plan on an elaborate $1.5 million dollar redesign of the exterior of the building adding a new skin and façade designed by Goldman Design and Perry Harrell out of Chicago and Houston, respectively,” Edna Meyer Nelson, president & CEO of The Richland Cos., said in a prepared statement. “We are eager to debut the new exterior once plans are completed. This boutique property is going to become a showcase office building in the heart of Houston’s West Loop submarket.”

CBRE Refinances Three Houston Apartment Assets

23 Jul 2015, 1:53 pm

By Liviu Oltean, Associate Editor

Abbey at Barker Cypress

Abbey at Barker Cypress

CBRE Capital Markets’ Debt & Structured Finance team has kept busy in Houston having recently arranged $111 million in refinancing for a 1,254-unit multifamily portfolio. The team acted on behalf of Abbey Residential LLC, whose portfolio included three Houston-area communities:

  • The 300-unit Abbey at Barker Cypress located at 1760 Barker Cypress Rd.
  • The 720-unit Abbey at Enclave located at 1910 Westmead Drive.
  • The 234-unit Abbey at Briargrove Park located at 1202 Seagler Rd.

Led by Glenn Housman of CBRE’s Orlando office, the team underwrote three separate loans, one for each building in the portfolio. The loans were originated through Freddie Mac’s Capital Markets Execution program and come with a seven-year maturity date and fixed interest rates.

“Freddie Mac’s Early Rate-Lock option provided the borrower an opportunity to take advantage of attractive fixed-rate financing options prior to the announcement of the government-sponsored enterprises (GSEs) volume cap issues in early April, which caused interest rate spreads to increase up to 50 basis points in some instances,” Glenn Housman, senior vice president of CBRE Capital Markets, said in a statement.

Image Courtesy of YardiMatrix  

Star struck: Chinese Conglomerate Enters Lone Star State

13 Jul 2015, 3:28 pm

By Liviu Oltean, Associate Editor

Broadstone Post Oak

Broadstone Post Oak

The Texas real estate market has been turning heads, and recently grabbed the attention of one of the world’s largest construction and real estate conglomerates. China’s CSCEC made its first step into the state this month through the acquisition of Broadstone Post Oak, a five-story, Class A multifamily community in Houston.

The asset was acquired for an undisclosed amount through CSCEC’s US-based investment platform, Strategic Capital.

The deal was announced by the CBRE Capital Markets’ Investment Properties team of Ryan Epstein, Clint Duncan and Wes Breeding. The trio arranged the transaction on behalf of the seller, Alliance Residential Partners.

“From identifying the investment opportunity to closing, the swift acquisition process for this transaction has validated our multifamily expansion strategy,” Ning Yuan, chairman & president of Strategic Capital and China Construction America said. “We are extremely pleased to mark our entry into the Texas market through this milestone transaction.”

Sugar Land Ready for New Move-Ins

8 Jul 2015, 4:18 am

By Liviu Oltean, Associate Editor

Retreat at Riverstone

Retreat at Riverstone

Allied Orion Group, a Houston-based management, investment and development firm, announced that The Retreat at Riverstone project, a 249-unit apartment and townhome community located in Sugar Land, Texas, is now open for leasing and immediate move-in.

The community is located at 18545 University Blvd., 25 miles southwest of downtown Houston and in proximity to employers such as Fluor Corp., Schlumberger, Texas Instruments, Minute Maid Corp. and St. Luke’s Memorial Hermann and Methodists hospitals.

The Retreat at Riverstone features one- and two-bedroom apartment homes and three-bedroom townhomes with attached garages. Residents of the community will also have at their disposal a bevy of amenities.

The project was developed by Allied Orion Group and will remain under the firm’s management. Financing for the project was arranged by Capital One.

“We are pleased to have both developed and be managing the first high-end, luxury apartment and townhome community in Riverstone and are happy to have a strong presence in one of the nation’s best places to live,” said Kirk Tate, principal of Allied Orion Group. “Maintaining the integrity of the top-notch building requirements set forth by the master-planned community and the National Green Building Standards was our top priority.”

Image courtesy of Allied Orion Group

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