S2 Capital has acquired Brompton Court Apartments, a 793-unit Houston multifamily community. The buyer financed the purchase with a $69.8 million loan held by Voya Financial and secured by Mark Brandenburg of JLL. S2 is planning to make capital improvements to the apartment units, amenities and leasing office. The seller, Merion Residential, bought the asset from Archstone in December 2006, according to Yardi Matrix.
Located at 7510 Brompton Road, the property’s six three-story buildings are situated on 18.8 acres, two miles north of Interstate 610. The asset is a short distance from a Target store and the Shops at Three Corners, which is a 250,000-square-foot outdoor retail center. A Harris County bus stop is adjacent to the community, enabling access to western Houston and the city’s central business district.
Strong value-add opportunity
“This property provided a compelling value-add opportunity in a highly desirable infill location,” said Brandenburg, managing director of JLL, in a prepared statement. “The extensive capital improvements planned for this property should result in a considerable upside for the new ownership.”
The community opened in 1973 and features one-, two- and three-bedroom apartments, ranging from 631 to 2,045 square feet. Amenities include a fitness center, five swimming pools, laundry facilities, storage units and 1,584 structured parking spaces. The property was 60.5 percent occupied leading up to the sale, according to Yardi Matrix data from February 2018.
Image courtesy of Yardi Matrix