Knightvest Sells 296-Unit Houston Asset
Newmark arranged the deal and originated the acquisition financing.
Knightvest Capital has sold Lakeside, a 296-unit community in Houston. Pegasus Real Estate acquired the asset, while Newmark arranged the deal and originated the acquisition financing. The property was 92 percent occupied at the time of sale.
The buyer took out a $31 million CMBS loan from Citibank, according to Yardi Matrix information. The note is set to mature in 2030.
Lakeside previously traded in November 2016 as part of a four-property portfolio transaction, the same data provider shows. Capri Capital Partners sold the collection at the time.
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Located on almost 8 acres at 9550 Meyer Forest Drive, the community is close to Interstate 610 and 5 miles from NRG Stadium. Downtown Houston is some 11 miles away.
Lakeside consists of 11 three- and four-story buildings completed in 2001. The unit mix comprises one-, two- and three-bedroom floorplans ranging from 678 to 2,465 square feet. Apartments also have private balconies or patios.
Common-area amenities at the recently renovated property include a fitness center and clubhouse, swimming pool, spa and dog park. The community also has almost 720 parking spaces.
Newmark Multifamily Capital Markets Vice Chairman David Mitchell represented the seller. Vice Chairman Colin Cross arranged the financing.
Houston sees more multifamily investment
Houston saw 158 assets totaling 42,419 units change hands for a combined $2.7 billion year-to-date through November, according to Yardi Matrix. This marks a year-over-year rise in investment activity, since only 145 properties—totaling 34,746 apartments—traded during the same period of 2024 for $2.3 billion. The market also ranked eighth for U.S. multifamily transaction volume in the first half of the year.
In October, Trammell Crow Residential sold Live at Memorial, a 356-unit community 4 miles from downtown Houston. MetLife Real Estate Investment acquired the asset completed in 2021.
Other notable deals in the area include Hamilton Point Investments’ acquisition of Fidelis Westlake, a 278-unit upscale property, from Fidelis Realty Partners. This transaction was Hamilton’s fifth investment in Houston and its 12th in the state of Texas.
