Advenir, a multi-family real estate investment and management services company, acquired the 480-unit Broadstone Stone Park Apts. at 6160 E. Sam Houston Pky. N in Houston from a joint venture comprised of Alliance Residential Co. and Lubert-Adler Partners. Terms of the deal were not disclosed.
The acquisition is reflective of the Aventura, FL-based firm’s commitment to the Houston MSA, where in the last nine months alone the firm has acquired more than 1,100 apartments in the face of potential downturn with the collapsing oil prices.
“The Houston region, although currently under a microscope, is a market we will continue to grow our portfolio in and believe we are doing so at a significant discount to purchases prices less than nine months ago,” said Todd Linden, Chief Acquisitions Officer of Advenir. “We are very strategic in our submarket and property type selection within the Houston MSA and believe that our investors we will be rewarded with significant appreciation as oil prices normalize over the next few years.”
The firm secured a seven-year, 2.82%, floating-rate loan with three years of interest only through Freddie Mac’s CME Program to acquire multi-housing community, which delivered in phases in 2004 and 2007.
Broadstone Stone Park has a unit mix of one- and two-bedroom apartments, and on-site amenities that include two pools with sun deck, two business centers, two 24-hour fitness centers, billiards rooms with shuffleboard and kitchens, and gazebo with barbecue grills and picnic area.
Advenir intends to invest $4 million in capital to upgrade common areas, property exteriors and unit interiors. The company will also rebrand the development as Advenir at Stone Park.
This is the third acquisition of 2016 for Advenir, which plans to invest more than $350 million by year-end.
Ryan Epstein, Clint Duncan and Wes Breeding of Berkadia handled the disposition on behalf of the selling venture. Josh Simon, Eric Tupler and Cortney Cole of HFF’s debt placement team arranged the loan on behalf of the borrower.
For more information on the transaction, please see CoStar Comp #3523935.