RPM Acquires Houston Luxury Apartments
The purchase is the latest addition to the buyer's Multifamily Fund I portfolio.
RPM Living has purchased Ashton on West Dallas, a 246-unit luxury apartment community located at 1616 W. Dallas St. in Houston. The acquisition marks RPM’s second Houston-area addition to its Multifamily Fund I portfolio. Amerant Bank provided acquisition financing for the purchase.
Ashton on West Dallas was built in 2013 and offers 4 stories of one- and two-bedroom apartments averaging between 608 and 1,399 square feet. Units feature stainless steel appliances, quartz and granite countertops, bamboo flooring, in-house laundry machines and private balconies. Community-wide, residents have access to a swimming pool, fitness center, business center, clubhouse, lounge and dog park. Situated to the north of Houston’s Fourth Ward historic district, the property is within 2 miles of the city center, with quick access to many of the city’s top cultural sites, in addition to its retail and dining offerings.
Acknowledging the strength of the location, Hank Farrell, CEO of RPM Investments said in a prepared statement that Ashton provides great opportunity with the potential for outsized rental growth given the area’s limited construction pipeline and Class A absorption projected to remain strong in light of the increased cost of home-ownership and Houston’s consistent population growth.
Houston’s multifamily might
Houston consistently ranks among the nation’s largest markets by sales volume and unit deliveries, as the city has recently recovered all the jobs lost during the pandemic, while becoming a hotbed for in-migration and corporate relocations. Through May 2022, the Houston recorded $4.8 billion in transactions and delivered 5,692 units, the majority of which were upscale, according to data from a July 2022 Yardi Matrix report.
Other development activity around the city includes Wood Partners’ groundbreaking on a 330-unit luxury community in Cypress, as well as Marlin Spring Realty’s sale of Oasis at Piney Point, a 318-unit garden style property.