Mill Creek Sells Recently Completed Houston Property
TIAA originated a $50 million loan.
Mill Creek Residential has sold the 327-unit Brighton Garden Oaks in Houston, according to Yardi Matrix data. A joint venture between RPM Living and Island Capital Group bought the asset and took out a $49.9 million acquisition loan from TIAA.
Mill Creek did not immediately return a Multi-Housing News request for comment.
The developer completed the property last year using funds from a $46.4 million construction loan issued by Pinnacle Financial Partners in 2021, the same data provider shows.
Located at 641 W. Crosstimbers St., the property is within Houston’s Independence Heights neighborhood, roughly 8 miles northwest of the city’s downtown area. Interstates 45 and 610 run within 2 miles.
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The seven-story building comprises one- and two-bedroom floorplans averaging 893 square feet. Select units feature private balconies or patios, while common-area amenities include a swimming pool, a theater room and coworking spaces, among others.
Mill Creek’s collection comprised 160 communities amounting to nearly 45,800 units as of June, according to a press release. Since then, the firm has sold The Skylar, a 263-unit asset in Miami, to DRA Advisors for $73.6 million, Yardi Matrix shows, and divested Alister Deco in Quincy, Mass., for $67.6 million. Green Cities Co. acquired the Massachusetts property.
Houston’s advertised rents don’t deter investors
Metro Houston’s advertised asking rents ticked down 0.7 percent year-over-year in November, while nationally the industry witnessed a 20-basis-point average increase in rent, according to a Yardi Matrix report. Other supply-heavy Southwest markets fared worse, such as Dallas (-2.0 percent) and Austin (-5.0 percent).
Meanwhile, Houston’s multifamily transaction volume clocked in at nearly $2.4 billion during the first 11 months of the year, marking a 14.4 percent year-over-year growth, the same source shows. Deals continued closing well into December with MetroNational’s sale of The Lodge at Spring Shadows. TPG Angelo Gordon acquired the property.
