Kushner Cos. buys apartments in the area
Kushner Cos., a real estate investment and management firm controlled by the family of Jared Kushner, the son-in-law of former President Donald Trump, has entered the Houston market with the acquisition of three suburban apartment properties from Houston-based Hines. The price was not disclosed.
The properties, totaling 1,072 units, consist of Alys Crossing in the Cypress Creek Lakes community in Cypress, Stone Loch near the Grand Parkway and Texas 249 in Tomball and The Rosemary in Humble. All three were leased and managed since opening by Willowick Residential, Hines’ boutique multifamily property management firm. The portfolio is part of a strategy to develop apartments in suburban markets across the U.S. Southwest.
“We are pleased to have completed the full investment cycle for this Houston focused portfolio,” Chris O’Neill, managing director at Hines, said in an announcement. “We look forward to continuing our growth in the suburban market through both acquisition and development.”
Kushner Cos. has acquired more than 40,000 multifamily units since 1980. Jared Kushner, who, with his wife, Ivanka Trump, served as an adviser to Trump, was formerly CEO of the New York real estate company.
He was succeeded by Laurent Morali, the first CEO outside the Kushner family. Jared Kushner’s sister, Nicole Kushner Meyer, is president
The new Houston properties feature amenities such as resort style pools, dog parks, fitness centers, an indoor golf simulator and a clubhouse with co-working space.
“We’re excited to enter the
Houston market by acquiring high-quality assets that are in well thought-out locations in North Houston,” said Riley Wilson who heads Sunbelt acquisitions for Kushner. “This portfolio highlights our continued push to enter new, high-growth markets and our desire to acquire assets that are well-positioned in their respective submarkets.”
The deal comes as apartment investments are reaching record levels across the United States. Multifamily investments more than doubled to $241 billion in 2021 through November compared to the same period in 2020, according to research firm Real Capital Analytics. Nearly $9.2 billion of those investments were in the Houston area.
The Hines transaction represents the first properties to be leased up and sold by Willowick Residential, which was founded by Hines in 2019 and is named for the company’s first apartment development near River Oaks. Willowick Residential manages more than 6,500 units.
Since launching its U.S. multifamily platform in 2011, Hines has invested in nearly $2.3 billion in apartments and completed 32 communities totaling 10,401 units. Another 29 projects are underway.
Berkadia Houston represented Hines in this transaction. Berkadia Chicago secured acquisition financing on behalf of Kushner. Christopher Todd Communities makes Houston debut
Taylor Morrison, one of Houston’s biggest homebuilders, unveiled a new offering designed for renters near its upcoming Avalon at Cypress Community.
The Scottsdale, Ariz.-based builder, in partnership with Christopher Todd Communities, is developing luxury gated communities of single-story rental houses in Texas, Arizona, North Carolina and Florida. Christopher Todd Communities At Cypress marks the partners’ entry to Houston.
The project is designed for 240 homes on 18.8 acres off the Grand Parkway and West Road, adjacent to the 480-acre Avalon at Cypress community. It will offer one-, two- and three-bedroom houses ranging from 750 to 1,250 square feet.
The homes come with backyards, pet doors and smart home technology. Community amenities focus on wellness and include a pool, fitness center, event lawn and dog park. Homes will be available for lease in late 2023.
“This move expands our Houston customer base to include those seeking the convenience of a rental without sacrificing the lifestyle of a singlefamily-home community,” Taylor Morrison Build-to-Rent National President Darin Rowe said in a statement. “Meeting this demand among millennials and baby boomers gives us the opportunity to be with customers in every move they make and if and when they are ready, we’re here to help them transition from renting to buying.”
Taylor Morrison started 1,250 houses in the Houston area over the last year, making it the region’s eighth largest builder, according to Zonda, a housing market research firm.
Founded by Arizona entrepreneur Todd Wood, Christopher Todd Communities has developed or has more than 2,500 homes in the pipeline since opening its first community in Phoenix in 2018. The company aims to be the “Marriott of multifamily” with a brand focused on relaxation and well-being of residents, according to Wood.
John Santasiero of Riverway
Properties brokered the land sale. Team targets rentals
More Residential, a Texasbased owner and operator of residential rental properties, formed a joint venture with San Francisco-based investment firm Stockbridge Capital Group to acquire single-family rental communities in high-growth markets in the U.S.
The joint venture targets newly built single-family rental communities of 50 or more homes with amenities such as clubhouses, fitness centers and pools. The venture has deals to acquire more than $1 billion of properties at various stages of development and completion throughout the Sun Belt. More Residential is led by former senior executives of Monogram Residential Trust.