Hudson Advisors, an affiliate of Lone Star Funds, secured $118 million in financing for the acquisition of 1879 at The Grid and Arc at The Grid, two adjacent multifamily properties totaling 931 units in Stafford, Texas. The seller was JLB Partners.
Natixis Corporate & Investment Banking provided the floating-rate loan. The recently completed communities are part of The Grid, a $500 million mixed-use redevelopment project of a former Texas Instruments Campus. Besides multifamily housing, The Grid also includes retail, office and hotel components.
Built in two phases in 2019, 1879 at The Grid offers a mix of studios and one- to three-bedroom units, ranging from 529 to 1,646 square feet, according to Yardi Matrix data. Community amenities include a fitness center, business center and clubhouse. Two pools and a total of 763 parking spaces are also available.
Arc at The Grid comprises nine buildings and offers 346 units in a mix of studios and one- to three-bedroom floorplans, ranging from 572 to 1,654 square feet, according to the same data provider. Residents have access to a swimming pool, fitness center, business center and clubhouse. A total of 509 parking spaces are also available.
Located at 11107 & 11101 W. Airport Blvd., respectively, the properties are some 18 miles southwest of downtown Houston, via Interstate 69, which is less than 1 mile northwest of the communities. Several dining, retail and entertainment options are available within a 1-mile radius, with a Walmart Supercenter less than half a mile northwest.
Houston saw its best year on record for multifamily transaction volume last year, with rising oil prices and improving overall economic conditions supporting the market’s fundamentals.