November 30, 2018
Greybrook Realty Partners joined forces with Marlin Spring Investments to acquire two townhome apartment complexes in Houston, paying $68 million for the 566-unit portfolio. According to the Toronto-based Greybook’s website, the portfolio consists of the 278-unit Lakeview Apartments at 16755 Ella Blvd., and the 288-unit Lakeview Estates at 1699 Romano Park Ln. The seller is in Canada’s Vancouver, BC.
The new owners are planning a value-add program to renovate units, improve common areas and increase efficiencies across both properties, which are close to one another. The apartment communities offer clubhouses, fitness centers and resort-style pools.
“We are thrilled to expand our real estate investment portfolio into Houston, along with our trusted partner Marlin Spring Investments,” said Sasha Cucuz, with Greybrook Securities Inc. “With current sitting rents for each property below market for comparable units in the vicinity, we believe an opportunity exists to meaningfully increase the properties’ net operating income through the roll-out of a well-executed value-add program to reposition the asset.”
Pictured: Lakeview Estates
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