Elandis Closes Four Deals for $50M, Adds 1,000 Units to Portfolio
- Jun 01, 2016
Houston—Elandis recently acquired approximately 1,000 units in four separate multifamily communities across Houston for $50 million. The new transactions bring the company’s residential portfolio to 2,500 housing units.
The multifamily properties acquired are:
- Kirkwood Landing in South Kirkwood Road – a 264-unit community featuring one-, two- and three-bedroom floorplans. Common amenities include controlled access, two swimming pools, spa, laundry facilities and 300 parking spaces. Rents range between $635 and $1,000, whereas unit sizes range between 546 and 1,152 square feet.
- The Forest in Imperial Valley Drive – a 192-unit community with one-, two- and three-bedroom apartments. Community amenities at The Forest include controlled access, a swimming pool, laundry facilities and 286 parking spaces. Unit sizes start as low as 515 square feet and reach 1,180 square feet with average rents at $668.
- Pine Creek in Maxey Road – a 300-unit community featuring one- and two-bedroom apartments. Community amenities include controlled access, two swimming pools, three laundry facilities and 620 parking spaces. With rents ranging between $565 and $755, unit sizes average at 683 square feet.
- Valencia at Spring Branch in Long Point Road – a 227-unit community with one- two-, three-, four- and five-bedroom floorplans. Amenities include controlled access, swimming pool, four laundry facilities and 462 parking spaces. Rents range between $670 for a one-bedroom, 675-square-foot apartment and $1,550 for a five-bedroom, 2,800-square-foot apartment.
“This investment represents a unique blend of secure assets with mature cash flows, providing a strong return on investment,” said Frank Espinosa, CEO of Elandis, in prepared remarks. “We are thrilled with our first acquisition in Texas and very much look forward to adding value and making a contribution to the local communities here.”
Photos courtesy of Yardi Matrix