Houston Multifamily Community with Significant Value-Add Potential Trades Hands via Walker & Dunlop
Houston Multifamily Community with Significant Value-Add Potential Trades Hands via Walker & Dunlop
HOUSTON, June 1, 2022 — Walker & Dunlop, Inc. announced today that it completed the sale of Parc at Champion Forest, a 232-unit, garden-style apartment property
Houston Multifamily Community with Significant Value-Add Potential Trades Hands via Walker & Dunlop
located in Houston, Texas. Built in 2000, the community provides the buyer with an excellent opportunity to implement a greater value-add program by renovating units, in addition to the 95 recently upgraded by the seller.
Ryan Epstein and Jennifer Ray of Walker & Dunlop Investment Sales represented the seller, Commerce Capital Partners, while Paul House and Larry Perez of Walker & Dunlop’s Capital Markets group secured the financing for the buyer, Lone Star Capital Group. The teams worked to coordinate with several parties on behalf of their clients, including agencies and local government entities, to ensure compliance with the property’s existing Land Use Restrictive Agreement (LURA), which is set to expire in May 2023.
“With steady population growth and employment growth, Lone Star Capital remains bullish on Houston multifamily, particularly workforce housing such as Parc at Champion Forest,” said Lone Star Capital’s Rob Beardsley. “We are excited to build from the seller’s successful renovations at Parc at Champion Forest, which is well-poised to benefit from strong demand and limited new supply in the submarket. Parc’s suburban setting coupled with its convenience to jobs and retail make it a dynamic investment for either short term value-add or longer-term yield.”
“With the extreme demand for affordable housing, Parc at Champions Forest will continue to service the community it is has for years as upgrades are completed,” commented Mr. Epstein. “The community is also an excellent investment opportunity, given its high-visibility location in Houston, strong value-add potential, and LURA expiring in less than two years. Walker & Dunlop’s Houston Multifamily Investment Sales Team exclusively listed the property for our client and helped to find the perfect buyer looking for long-term stability, future rent growth, and value appreciation.”
Parc at Champion Forest is a three-story multifamily community, comprised of 112 one-bedroom units, 108 two-bedroom units, and 12 three-bedroom units, situated along Bammel North Houston Road in the Champions area. Bammel North Houston Road, which experiences traffic of nearly 50,000 cars per day, allows residents to easily locate nearby retail, including Willowbrook Mall, Willow Center, North Oaks Shopping Center, and Kroger.
SOURCE Walker & Dunlop, Inc.