DLP Capital has expanded its multifamily presence in the Houston area with the acquisition of a newly-built community in La Porte, Texas. The firm, along with its joint venture partner Elevate Commercial Investment Group, acquired Domain at Morgan’s Landing for an undisclosed price. Lou Davis, managing director of investments at DLP Capital, told Multi-Housing News that the seller was CityStreet Residential.
The multifamily community was built in 2021 and has 350 units in one-, two- and three-bedroom floorplans that range from 710 to 1,759 square feet. The units are spread throughout 13 three-story garden-style buildings and were built with full-size washer and dryers, and private patios or balconies. The common amenities at Domain at Morgan’s Landing include a pool, beer garden, private dog park, movie screening room, resident lounge, fitness center and arcade room.
Located at 3300 Bay Area Blvd., Domain at Morgan’s Landing is situated in an industrial-heavy area of the southeastern Houston suburbs. The location puts the community near the Port of Houston, NASA and the William P. Hobby Airport, while also being located roughly 25 miles away from downtown Houston via Highway 225 W.
BULLISH ON TEXAS MULTIFAMILY
”DLP Capital will improve the operational efficiencies of the property, which will allow it to maintain affordable rents that are expected to easily attract area residents,” Davis told MHN. “That affordability, combined with amenity upgrades and site work, will contribute to the already strong occupancy level.”
The community is currently 93 percent occupied, but the new joint venture owners will conduct minor interior and exterior finishes including upgrades to the pool area, community room, clubhouse and fitness center.
Don Wenner, founder & CEO of DLP Capital, said in prepared remarks that the firm is bullish on the suburban multifamily market in Texas due to area’s vacancy rates tightening to near-record lows. DLP Capital has invested $480 million into the greater Houston metro in the last 12 months, focusing on affordable communities. Earlier this year, the firm acquired 140 acres in Fort Worth, Texas, with plans to build two rental communities totaling nearly 1,300 units.