Empire Square Group Sells 980-Unit TX Portfolio
- Sep 27, 2017
Empire Square Group disposed of a two-property, 980-unit portfolio in Padasena, Texas. The portfolio comprises Alta Vista and Las Villas, two communities south of the Port of Houston, less than one-half mile from each other. According to Yardi Matrix, the buyer was Falls Apartment Group.
Marcus & Millichap’s First Vice President of Investments Jeffrey Fript and Senior Associate Christian Mazzini represented the seller in the transaction and Fript procured the buyer. The sale was subject to an undisclosed loan, dated Sept. 9, 2017, held by Arbor Realty Trust.
Located at 621 Richey St., the 514-unit Alta Vista features studio, one-, two- and three-bedroom floorplans ranging from 440 to 1,200 square feet. Comprising six two-story buildings, the community was originally built in 1970. Common area amenities include a tennis, volleyball and basketball court, a playground, swimming pool, laundry facilities and 1,033 parking spaces.
Located at 407 Richey South, the 468-unit Las Villas also offers studio, one-, two- and three-bedroom floorplans ranging from 440 to 1,100 square feet. Also featuring six two-story buildings constructed in 1970, the community gives residents access to a playground, three laundry facilities and 1,153 parking spaces.
“The portfolio consists of workforce housing units located within close proximity of the Port of Houston and the 125 refineries and petrochemical manufacturing facilities that line it,” said Fript. “The acquisition provides new ownership with immediate economies of scale and opportunities to add value through interior and exterior renovations.”
The communities are in close proximity to State Highway 225 and 146, the Sam Houston Tollway and interstates 610 and 45. The Port of Houston, William P. Hobby Airport, the Houston Ship Channel, Texas Medical Center and the central business district are all located nearby. Both communities encompass nearly 46 acres and were last renovated between 2012 and 2015.
Just this month, Marcus & Millichap also arranged the $3.1 million sale of 1880 Marshall Ave., a 25-unit community in St. Paul, Minn.
Image courtesy of Marcus & Millichap