Boston Capital Expands Houston Footprint

The sale marks the first time the 396-unit Aventura on Briar Forest changed hands since 2007. Canadian Imperial Bank of Commerce originated $39.5 million in acquisition financing.
Aventura on Briar Forest

CWS Capital Partners has sold the 396-unit Aventura on Briar Forest in Houston to Boston Capital, Yardi Matrix data shows. The new owner secured a $39.5 million acquisition loan from Canadian Imperial Bank of Commerce. The deal marks the first time the asset traded since 2007. Additionally, Lincoln Property Co. will provide property management services for the community.

Located at 14515 Briar Forest Drive, the asset was completed in 2004 on an 18.4-acre site. The community comprises one- to three-bedroom apartments in 20 three-story buildings, with floorplans ranging from 676 to 1,353 square feet. Common-area amenities include a clubhouse, fitness center, pool and business center.

Situated in a dense residential area, Aventura on Briar Forest is roughly 3 miles south of Interstate 10, some 21 miles west of downtown Houston and close to several dining and retail establishments. As of June, the property was 93.4 percent occupied, according to Yardi Matrix.     

Last month, Boston Capital disposed of a gated community in Avondale, Ariz., roughly 13 miles from downtown Phoenix. The 408-unit property changed hands for $65.4 million.