Bellrock Expands Texas Footprint With Houston Buy
- Sep 01, 2021
Bellrock Real Estate Partners has acquired Bellrock Summer Street, a 375-unit community in Houston, from Alliance Residential Co.
Newmark arranged $64.7 million in acquisition financing through a fund sponsored by CBRE Global Investors. The loan includes a three-year term with a two-year extension option.
The five-story building, completed in 2019, sits on 11.4 acres at 3030 Summer St., immediately south of Interstate 10 and 4 miles northwest of downtown Houston. The property consists of one- and two-bedroom apartments, ranging from 555 to 1,260 square feet. All units feature washers and dryers, stainless steel appliances and wood flooring.
Residents have access to a swimming pool, a gym, a grilling area, a theater room and pet walking areas. Several shopping centers and stores, including a Walmart, are within walking distance of the community.
The Newmark team that structured the loan included Vice President Hank Glasgow and Senior Managing Director Braden Harmon.
The property, formerly known as Broadstone Summer Street, is Bellrock’s second acquisition in the Houston market, following the May purchase of 329 units in Katy, Texas, according to Yardi Matrix. Alliance was also the seller in that deal.
The investor entered the state last year, acquiring two Dallas-Fort Worth multifamily assets. The larger of those sales involved 304 units in Haltom City.