Avid Realty JV Acquires Houston-Area Community
- Jul 15, 2020
A joint venture of Avid Realty Partners and Electra Capital has purchased The Pines at Woodcreek Apartments, a 330-unit community in the Houston suburb of Humble, Texas, for an undisclosed sum.
The seller was International Investors Group, according to Yardi Matrix data.
Electra Capital invested $12.2 million of preferred equity, while Avid Realty teamed up with Acuity Partners in order to contribute $4.1 million in common equity to the deal. The buyer also assumed the outstanding balance of a $23.5 million Fannie Mae loan originated in 2017 and serviced by Greystone, Yardi Matrix data shows. Newmark Knight Frank brokered the transaction.
The Pines at Woodcreek occupies more than 21 acres at 21021 Aldine Westfield Road. Completed in 2015, the Class A community consists of 11 three-story buildings with one- and two-bedroom floorplans averaging 824 square feet. Amenities include a swimming pool with beach entry, business center, fitness center and dog park. Acuity Partners’ CEO Bob Spiegel and President Scott Kurland will assist the new owner with various asset management, reporting and compliance duties, among others.
Situated some 22 miles north of downtown Houston, the property is 3 miles from Interstate 45 and adjacent to a large retail area that includes Cypress Landing and The Crossroads.
In May, Electra Capital provided One Real Estate Investment with $4.1 million of preferred equity for the purchase of a 192-unit community in College Station, Texas. The new owner will use the proceeds for interior and exterior upgrades at the property.