HPI Buys 278-Unit Houston Community

Hamilton Point Investments has purchased Fidelis Westlake, a 278-unit luxury community in Houston, according to Yardi Matrix.

Fidelis Realty Partners sold the asset, with Key Bank originating the $29.4 million acquisition loan. Previous financing included a four-year, $28 million construction loan issued by BOK Financial Corp.

This is Hamilton Point’s fifth investment in Houston’s multifamily market and 12th in the state of Texas. This transaction follows the company’s acquisition of two communities in Florida last month, totaling 438 units.

A Houston upscale community

Fidelis Westlake came online in 2023 at 12211 Summer Creek Trace Drive, on an 11-acre site. The community consists of 11 two- and three-story buildings, encompassing 140 one-bedroom, 132 two-bedroom and six three-bedroom units, with layouts ranging from 715 to 1,439 square feet.

Shared amenities include a swimming pool with sun deck, a fitness center, grade-level parking with more than 400 spots, a social lounge, a community pet park and a 24-hour clubhouse. The community also has a conference room.

Just off Beltway 8, the property is some 20 miles northeast of downtown Houston. Additionally, Fidelis Westlake is adjacent to Greens Bayou Wetlands Mitigation Bank and Summer Creek High School.

Houston sales decline year-over-year

Houston’s multifamily transaction volume comprised 36 properties totaling 8,816 units year-to-date as of April, for a total of $530.2 million, according to Yardi Matrix. This marks a considerable decline from the 44 assets—10,706 apartments—that traded for $766.5 million during the same timeframe last year.

In March, Hunington Properties sold The Vic at Southwinds, a 265-unit community in Baytown, Texas, for $41.4 million. The property is being rebranded as Vista at Southwinds.