Three Pillars Capital Group has secured $46 million in refinancing for two neighboring multifamily communities totaling 520 units in Houston. The borrower used the cash-out loan to return equity to investors.
The company acquired Mainridge Apartments and Westridge Gardens in 2020 from L & L Management in a portfolio transaction, backed by two acquisition loans of $17.2 million and $17.7 million from Electra Capital, according to Yardi Matrix data.
Both communities were completed in 1979 and encompass one- and two-bedroom units ranging between 545 and 1,005 square feet. Common-area amenities include swimming pools and laundry facilities. In-unit amenities consist of washer and dryer hookups and patios or balconies. The owner recently implemented a value-add strategy that included upgrades to the amenities, as well as the addition of modern bath and kitchen fixtures, granite countertops, designer cabinetry and vinyl wood flooring.
Located at 2501 and 2600 Westridge St., the properties are situated just off Interstate 650 and roughly 9 miles southwest of downtown Houston. Several health-care facilities are within a 3-mile radius, such as Texas Children’s Hospital, Orthopedic Hospital and The Woman’s Hospital of Texas. NRG Stadium and the Houston Astrodome are within 1 mile of the communities.
This month, another Houston multifamily community received $11 million in Fannie Mae DUS refinancing. Greystone arranged the fixed-rate loan with a four-year interest-only period and a 10-year term. Shahda Investments is the owner of the 224-unit property.