Harbor Group Grows Houston Portfolio

The 232-unit The Arrabella traded for the first time since it came online in 2015. The new owner financed the acquisition through a $39.6 million Freddie Mac loan.
The Arrabella. Image courtesy of Yardi Matrix

Asset Plus Cos. has sold the 232-unit The Arrabella in Houston to Harbor Group International, according to Yardi Matrix information. Newmark Knight Frank originated a $39.6 million Freddie Mac loan for the buyer, with the financing set to mature in 2026. The transaction marks the first time the asset changed hands since it came online.

Located at 10902 Katy Freeway adjacent to Interstate 10, the community is less than 15 miles west of downtown Houston in an area with several retail, dining and entertainment options. The property consists of one-, two- and three-bedroom apartments with floorplans ranging from 1,094 to 1,749 square feet. The 17-building property was completed in 2015 on a 10.5-acre site and includes common-area amenities such as two conference rooms, a pool and a fitness center. As of April, the asset was 90.1 percent occupied, per Yardi Matrix data.

In March, Harbor Group International sold The Cedars at Elm Hill in Nashville, Tenn., to Lighthouse Group. The 407-unit community traded for $50.5 million.