March 24, 2016
California-based Drever Capital Management acquired the Villages at Lake Jackson from Spyglass Capital Partners of Demarest, NJ. The 174-unit, garden-style apartment community, located at 504 State Highway 332 in Lake Jackson, TX , is 96% leased.
The sales price was undisclosed, though the property was assessed at $10.6 million by the Brazoria County Appraisal District. Ryan Epstein, with Berkadia in Houston, represented the seller. The buyer was self-represented, with Tom Cabibi leading the way.
“Houston, overbuilt with multifamily assets, is grappling with a weak oil industry,” said a Drever spokesperson. “But an hour away, where Lake Jackson is booming with petrochemical manufacturing and a liquefied natural gas shipping hub, attractive rental housing is undersupplied. Being an apartment owner/investor in the epicenter of all this explosive growth is music to our ears.”