Balfour Beatty Communities Adds to Texas Portfolio
The garden-style property is located in a Houston suburb.
Balfour Beatty Communities has expanded its Texas holdings with the acquisition of River Pointe, a 300-unit garden-style apartment complex located in the Houston suburb of Conroe, Texas. The price and seller were not disclosed.
According to Yardi Matrix, the most recent owner of the property at 1600 River Pointe Drive was Nolan Living of Leawood, Kan. In March 2020, the asset became subject to a $28.7 million CMBS loan in the pool FREMF 2020-K112, the same source shows. The CMBS loan from Citibank was originated by Northmarq Capital and was due to mature in April 2030.
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Balfour Beatty Communities, a national residential real estate investment and management company based in Malverne, Pa., said the purchase aligns with the division’s targeted expansion strategy for 2025. In February, the firm acquired The Leonard, a student housing property with 192 units and 564 beds in Denton, Texas. The property serves students attending the University of North Texas and Texas Women’s University.
River Pointe details
Built in 1999, River Pointe is a gated community with 13 two- and three-story buildings spread across 13.6 acres. The property has one-, two- and three-bedroom layouts ranging in size from 660 square feet to 1,268 square feet with an average size of 973 square feet. Rents range from $1,104 to $1,737, with an mean of $1,374, according to Yardi Matrix.
The apartments feature large patios, tall ceilings, walk-in closets, gourmet kitchens and stainless-steel appliances. Community amenities include a fitness center, business center, pool and basketball court. The property has 600 parking spaces with covered options.
Following the purchase, Balfour Beatty Communities plans to make improvements to both the apartment interiors and common areas. Further details on the planned upgrades were not available.
Balfour Beatty’s other endeavors
In addition to multifamily and student housing, Balfour Beatty Communities also invests in the military housing sector. The company has invested in nearly 100 residential properties worth more than $9.7 billion of gross asset value since its inception in 1999. Balfour Beatty Communities is a subsidiary of Balfour Beatty Investments, Inc., and Balfour Beatty Plc, an international infrastructure group.
In July 2023, Balfour Beatty Communities acquired Oktiv, a 592-bed student housing property in Tallahassee, Fla., from Tailwind Group for $51.3 million, according to Yardi Matrix. The company planned to manage the property as well. Formerly known as The Quarters at Tallahassee, the 2018-built property has 169 units with two-, four-bedroom and townhome floorplans. The property is near Florida State University, Florida A&M University and Tallahassee Community College.
A year earlier, the company sold Preserve at Southwind, a 306-unit community in Memphis, Tenn., to MLG Capital. Completed in 2000, Preserve at Southwind encompasses 16 buildings with one-, two- and three-bedroom units.
