Bolour Begins Redevelopment of 2 Houston Communities
The renovations of the 780-unit multifamily portfolio were financed with a $29 million loan.
Redevelopment is underway for Bella Luna and San Lucas, two adjacent affordable communities totaling 780 units in Houston. Bolour Associates Inc. and MBMI Global financed the project with a $29 million, five-year loan from East West Bank, according to Yardi Matrix data. Renovation activity is slated for completion in September 2020.
Bella Luna and San Lucas occupy together more than 20 acres at 5621 Westward St. and 6111 Glenmont Drive in the West Bellaire submarket. The two communities total 19 two-story buildings developed in 1969 and 1974, respectively. The one- to three-bedroom apartment and townhome configurations range from 676 to 1,472 square feet. Amenities include laundry facilities, swimming pools, children’s playgrounds and parking. The redevelopment project will bring an array of interior and exterior renovations, such as upgraded kitchens and bathrooms and new landscaping.
Situates 10 miles southwest of downtown Houston, the properties are right off Interstate 69 and 2 miles west of Interstate 610. The surrounding area holds various neighborhood shopping and dining options. The communities are also 6 miles north of a 940-unit affordable property refinanced with more than $28 million in May.