Hazel Equity Buys Value-Add Houston Community
The firm is planning to renovate all unit interiors.
Hazel Equity has acquired Cranbrook Forest, a 261-units asset in Houston. Colliers brokered the transaction between seller Lone Star Capital and Hazel Equity. The property was 92 percent occupied at the time of the sale.
The buyer assumed the outstanding loan on the property. According to Yardi Matrix, Cranbrook Forest is subject to a $15 million, fixed-rate Fannie Mae loan originated by Arbor Realty Trust in 2020.
Completed in 1983, the property comprises one- and two-bedroom floorplans averaging 829 square feet. Community amenities, which were upgraded by the seller using some $3 million, include a leasing center, separate room with computer stations, fitness center, coffee bar area, pool and children’s playground. Hazel Equity plans to renovate all interiors by upgrading appliances, flooring, paint and cabinetry.
Located at 13875 Ella Blvd., in the northwest of the city, Cranbrook Forest is within 3.4 miles of Interstate 45, offering easy access to the Houston metropolitan area. Several green areas, including Northside BMX Park and City View Park, are within a few miles of the property.
Senior Vice Presidents Bob Heard, Todd Stewart and Chip Nash, alongside Senior Managing Director of Multifamily Teresa Lowery of Colliers in Houston worked on the sale with Senior Executive Vice President Cindy Cooke, Executive Vice President Brad Cooke and Vice Presidents Chris and Matt Roach of Colliers Arizona.
Mirroring nationwide trends, the Houston multifamily market recorded a banner 2021, following a relatively brief fall at the start of the COVID-19 pandemic. Some $6.8 billion in Houston rental assets traded last year through October, marking the metro’s best year in at least a decade.