Far South Houston Community Changes Hands
Highland Capital Management sold Regatta Bay Apartments, a 240-unit community in Seabrook, Texas, to Lloyd Jones Capital. This is the eleventh Texas property operated by the new owner.
By Razvan Cimpean
Lloyd Jones Capital, an affiliate of Finlay Management Inc., purchased Regatta Bay Apartments, a 240-unit community in Seabrook, Texas, from Highland Capital Management. The new owner is set to implement a light value-add program over the next two years to upgrade the apartments. Finlay Management will be in charge of managing the property.
Easy access to schools
Located at 2555 N. Repsdorph Road, the community is approximately half an hour outside of Houston. Regatta Bay Apartments offers convenient access to and from Bayport Boulevard and to Miramar Shopping Center. The property is also less than a mile from Ed White Elementary School and Odyssey Academy Bay Area Elementary and two miles away from Seabrook Intermediate School.
The 14-building, three-story property features one-, two- and three-bedroom units, with an average size of 835 square feet. Rents start at $907 and go up to $1,283, as of May. According to Yardi Matrix data, the property was 91.7 percent occupied at the time of sale. Community amenities include a fitness center, business center, swimming pool, spa and more than 350 grade-level parking spaces.
“We now own and operate eleven highly successful apartment communities in Texas, several of which we developed from the ground up,” Chris Finlay, chairman & CEO of Lloyd Jones Capital, said in a prepared statement.
Last month, Lloyd Jones Capital appointed Raul Ramirez as CFO.
Image courtesy of Finlay Management Inc.