Arel Capital Buys 504-Unit Houston Community

Allied Orion Group is overseeing property management for the multifamily asset. The new owner plans to begin renovations this year.
The Heights at 2121

The Steadfast Cos. has sold The Heights at 2121, a 504-unit Class C community in Houston, to Arel Capital, according to Yardi Matrix. The buyer financed the acquisition with a $30.7 million Fannie Mae loan originated by Newmark Knight Frank.

Arel Capital selected Allied Orion Group to oversee property management. The firm now oversees Arel’s complete multifamily portfolio of 1,188 units in the metro, including a 242-unit luxury community 4 miles to the south.

Located at 2100 Tannehill Drive in Houston’s The Heights submarket, the community’s 22 two-story buildings are roughly 9 miles northwest of the city center, inside the Interstate 610 loop. The property is near the West 18th Street retail corridor and a short distance from a city bus route connecting the area with the wider metro.

The Heights at 2121, completed between 1977 and 1978, contains studio, one- and two-bedroom apartments with floorplans between 502 and 1,007 square feet. Property amenities include a fitness center, five laundry facilities, tennis courts and valet trash collection service. Arel Capital plans to upgrade the community’s four swimming pools and dog park beginning later this year.

Image courtesy of Yardi Matrix