Florida-based Stoneweg US has entered the Houston market with the acquisition of Ashford Apartments, a 312-unit, Class A community in Houston. The seller was Allied Orion Group, according to Yardi Matrix information. The property previously traded in 2019, when Allied acquired it from Trammell Crow Residential, financing the purchase with a $36.8 million Fannie Mae loan.
Completed in 2017, Ashford Apartments is situated on a 3.1-acre lot and consists of one- and two-bedroom luxury units averaging 837 square feet. All apartments have washers and dryers, high ceilings, hardwood floors, wine cellars, stainless steel appliances and keyless entries. Common-area amenities for the LEED certified property include a two-floor fitness center, business center, clubhouse, swimming pool, dog park and more than 430 parking spots.
Situated at 1200 N. Dairy Ashford Road, the community is some 16 miles west of downtown Houston in the Energy Corridor neighborhood. Interstate 10 is just north of the asset, providing easy access to some of the metro’s largest employers.
Stoneweg Director of Acquisitions Garrett Pisarik said, in a prepared statement, the firm will implement a value-add strategy on Ashford Apartments. RPM Living will oversee the improvement efforts as property manager.
According to a recent Yardi Matrix report, the Houston multifamily market reached a $10.4 billion record in transactions in 2021, double the volume compared to 2018. Last month’s deals included The Moorings, a 201-unit community in League City, and The Retreat at Cinco Ranch, a 268-unit property in Katy.