Advenir Buys 480-Unit Apartment Community in Houston
- Feb 24, 2016
Houston—Miami-based multifamily investor Advenir recently acquired the 480-unit apartment community Advenir at Stone Park, formerly known as Broadstone Stone Park Apartments, in Houston. With this purchase, Advenir has acquired more than 1,100 apartment units in the Houston MSA over the last nine months.
Located at 6160 East Sam Houston Parkway N., the Class A apartment community was constructed in a two-phased development. The first phase of the property was built in 2004, and the second in 2007. Advenir at Stone Park’s amenities for residents include two 24-hour fitness centers, two business centers, two resort-style swimming pools with a sun deck, gazebo with barbecue grills and picnic area, available detached garages and carports, controlled access, nearby public parks and available storage units.
“Advenir at Stone Park presented us with a strong opportunity that aligned with our business strategy of investing in value added, well-located apartment communities,” said Todd Linden, chief acquisition officer of Advenir, in prepared remarks. “The Houston region, although currently under a microscope, is a market we will continue to grow our portfolio in and believe we are doing so at a significant discount to purchases prices less than nine months ago. We are very strategic in our submarket and property type selection within the Houston MSA and believe that our investors we will be rewarded with significant appreciation as oil prices normalize over the next few years.”