3 Points Realty Buys 392-Unit Houston-Area Asset

New Jersey-based 3 Points Realty Partners has acquired Lakes at Madera, a 392-unit residential community in Baytown, Texas, according to Yardi Matrix information. BridgeInvest aided the transaction with a $19 million permanent loan, scheduled to mature in 2027. Grow Wealth 2 Retire sold the asset after owning it for two years, the same source shows.

Completed in 1984 at 305 West Baker Road, Lakes at Madera consists of 22 two-story buildings across a 10-acre site. The apartments have one- to three-bedroom layouts ranging from 504 to 1,130 square feet. Shared amenities include a fitness center, two swimming pools with a clubhouse, tennis and basketball courts, as well as grade-level parking with approximately 450 spots.

The asset is within 2 miles of Houston Methodist Baytown Hospital and Baytown Airport, as well as from several retail options, including Target, The Home Depot and Walmart Supercenter. Downtown Houston is within 30 miles west of the property.

Houston slows down

In the first six months of this year, the Houston-East multifamily market saw $224.5 million in sales, Yardi Matrix data shows. Since January, 23 properties changed hands at an average of $96,370 per unit.

As of May, Houston saw asking rents rise 0.1 percent year-over-year, significantly below the national figure of 1.0 percent, the latest Yardi Matrix multifamily report shows. Occupancy rates declined across two-thirds of Matrix’s top 30 markets, five of which recorded numbers below 93 percent, including Phoenix (92.4 percent), Austin (92.5 percent), as well as Dallas and Houston—both at 92.6 percent.