S2 Capital Buys 2 Houston Communities

By Razvan Cimpean

One Real Estate Investment have sold two Houston multifamily properties, totaling 882 units, to S2 Capital. The pair of communities, Avalon at Royal Oaks and Village at Uvalde, changed hands for more than $60 million.

Avalon at Royal Oaks in Houston

Avalon at Royal Oaks, located at 2310 Crescent Park Drive, is a 436-unit community that offers one-, two- and three-bedroom apartments ranging from 700 to 1,225 square feet. Completed in phases in 1977 and 1978, the asset features a fitness center, playground, spa, two swimming pools and more than 700 parking spaces. According to Yardi Matrix data, Avalon at Royal Oaks was 62.8 percent occupied as of September. One Real Estate Investment acquired the community in 2016 from OFT Enterprises for $30 million. The 46-building property is within walking distance of Westchase Shopping Center and Kaleidoscope Shopping Center, as well as The Innovative School and The Briarwood School.

Village at Uvalde in Houston

Village at Uvalde is a 40-building, 446-unit multifamily asset located at 250 Uvalde Road. The property, completed in 1977, features one-, two- and three bedroom units, ranging from 660 to 1,158 square feet. Community amenities include a playground, three swimming pools, five laundry facilities and 900 parking spaces. One Real Estate Investment purchased the asset last year from West Second Street Associates for more than $20 million. Village at Uvalde is less than a mile from Northeast Square Shopping Center and offers convenient access to Tice Elementary School and North Shore Elementary School.

The new deal comes a few days after Transwestern opened the leasing center at Hayworth, a new 246-unit Houston luxury community, six miles away from Avalon at Royal Oaks.

Images courtesy of Yardi Matrix