Sentinel Peak Capital Buys Houston-Area Community

Interurban Cos. has sold Woodlands Hills Village, a 260-unit community in Kingwood, Texas, a Houston suburb.

Sentinel Peak Capital Partners acquired the asset using a $22 million acquisition loan. Originated by Voya Financial, the financing matures in 2029, Yardi Matrix data shows. Berkadia represented the seller and procured the buyer.

The asset previously traded in 2015, when Interurban purchased the community from Hayden Properties. The company used a $14.3 million loan from Western & Southern Financial Group to fund the acquisition, according to the same source.

The community, now dubbed Mustang on the Trail, encompasses 29 two-story buildings spread across almost 10 acres. Units consist of one-, two- and three-bedroom floorplans ranging between 696 and 1,426 square feet. Apartments feature balconies or patios and walk-in closets.

Common-area amenities include a clubhouse, a fitness center, two swimming pools and two spas, along with two laundry facilities. Additionally, the property has more than 585 parking spaces.

Located at 2139 Lake Hills Drive, the garden-style community is less than 3 miles from the Kingwood Commons shopping center, while downtown Houston is some 25 miles southwest. George Bush Intercontinental Airport is within 12 miles.

The property is also roughly 2 miles from Preserve at Woodridge, a recently completed, 131-unit single-family rental community.

Berkadia’s team that represented the seller was led by Director Kyle Whitney, Managing Directors Chris Young, Joey Rippel and Jeffrey Skipworth, as well as Senior Managing Director Chris Curry.

Houston’s multifamily market remains steady

A total of 14 communities comprising 2,850 units traded in Houston during the first two months of the year, compared to 12 properties encompassing 3,110 apartments that changed hands during the same period last year, according to Yardi Matrix data. This year’s sales volume for January and February totaled $188.6 million, a slight decline from the $216.7 million recorded during the same time frame in 2023.

In February, Sunstone Two Tree announced the $28.9 million acquisition of Villas del Paseo, a 384-unit asset in Houston, from Comunidad Realty Partners. The new owner is implementing a $10.5 million capital improvement program, which will be completed next year.

That same month, Veritas Equity purchased Oak Bend Place, a 152-unit multifamily property in Tomball, Texas, from Alphil Investments. The company now owns more than 2,000 apartments in metro Houston.