Casoro Group Sells Houston Asset

The Quinn South at Westchase

Casoro Group has sold The Quinn South at Westchase, a 368-unit value-add multifamily community in Houston. The buyer was Namma Group Investment, according to Yardi Matrix data.

The property is subject to a $31.1 million loan from Arbor Realty Trust, the same source shows.

Completed in 1980, The Quinn South at Westchase encompasses studios, one-, two- and three-bedroom units with an average size of 763 square feet. Common-area amenities include a tennis court, two spas, seven laundry facilities and four swimming pools. In-unit amenities consist of private balconies or patios, vaulted ceilings, outside storage, fireplaces, as well as washer and dryer hookups in select units.

Located at 2201 Hayes Road, The Quinn South is near the intersection of Sam Houston Tollway and Westpark Tollway, in proximity to several dining and retail options. Health-care facilities HCA Houston, The Woman’s Hospital of Texas and Texas Children’s Hospital are within a 14-mile radius. Green areas like George Bush Park and Bear Creek Pioneers Park are also nearby. Entertainment venues such as The Museum of Fine Arts, Houston Zoo and NRG Stadium are within a 24-minute drive from the property.

Value-add improvements

Casoro acquired the property back in 2018 from Firmus Equity Partners. Following the acquisition, the firm has implemented several value-add improvements, upgrading the fitness center and clubhouse. Additionally, Casoro has introduced some premium upgraded apartment units, while also keeping the traditional and semi-upgraded units to maintain affordability. The company is now looking for buyers for the adjacent sister property, The Quinn North at Westchase located at 2101 Hayes Road, which has also been refurbished.

Houston’s solid multifamily market fundamentals continue to attract investors. Total multifamily sales volume rose to $4.8 billion this year through May, according to the latest Houston multifamily report.