Capital Square Buys Houston Community

The Flats at West Alabama. Image courtesy of Wood Partners

Wood Partners has sold off another Houston asset about a year after the community’s grand opening. Capital Square has acquired The Flats at West Alabama for approximately $67 million, according to Yardi Matrix data. Capital Square acquired the community on behalf of CS1031 Houston Apartments, DST, which will be looking to raise $56.5 million in equity from accredited investors.

Wood Partners completed The Flats at West Alabama in February 2021 when it was known as Alta West Alabama. The 304-unit community offers studio, one-, two- and three-bedroom units that range from 639 to 1,793 square feet. The developer included a swimming pool, fitness center, sky lounge, outdoor seating and fireplace, pet spa, courtyard, club area and coworking spaces as the community’s common amenities.

Located at 3623 W. Alabama St., The Flats at West Alabama is a few miles away from downtown Houston and near Interstates 69 and 610 that connect residents to other parts of the Houston metro. Whitson Huffman, chief strategy and investment officer at Capital Square, said in prepared remarks that the community is located in one of Houston’s most exclusive neighborhoods where there’s strong demand for apartments. The community is 91.4 percent occupied.

BUILDING COMMUNITIES THROUGHOUT TEXAS

Elsewhere in the Houston area, Wood Partners sold off its 300-unit community in Spring, Texas, that it opened in January 2021. The developer sold the eight-building community to Civitas Capital Group a year later.

However, Wood Partners is still building out its residential development portfolio in Texas with projects in different metros. In February, the developer started construction on a 300-unit community in the Austin suburb of Georgetown, Texas, that’s slated for pre-leasing in late 2022. More recently, Wood Partners had an official grand opening for its 270-unit community in Kennedale, Texas, that’s part of the Dallas/Fort Worth metro.