Investors close out 2022 with Houston apartment acquisitions
Houston-based Disrupt Equity purchased Hollister Place Apartments, a 260-unit complex at 6565 Hollister in the Brookhollow Northwest Crossing submarket. The deal, which closed Dec. 30, represents the company’s seventh multifamily acquisition of 2022. Dallas-based NexPoint Residential Trust was the seller.
“Hollister Place is a wellmaintained asset positioned in a high-growth submarket of Houston where our management company, Disrupt Management, has a ton of experience,” said Ben Suttles, managing partner of Disrupt Equity.
Built in 1997, the property consists of 15 two- and threestory buildings containing units upsized from 860 to 1,315 square feet with up to three bedrooms. Amenities include a pool, courtyard, barbecue area, fitness center and clubhouse with a business center. Upgrades are planned.
37th Parallel Properties ,a multifamily investment firm based in Richmond, Va., announced the acquisition of Grand Reserve, a 291-unit complex at 22101 Grand Corner Drive in Katy. The property was built in 2013. The purchase, made on behalf of investors and a joint venture partner, brought 37th Parallel’s transaction volume to $300 million in 2022. The company, which has acquired more than 10,000 units to date, continues to target investments in the Southeast and Texas through its 37P Fund II launched in September.
Texas Logistics and Fulfillment Services leased a 188,000-square-foot office/ warehouse at 10600 Corporate Drive in Stafford. Justin Brasell of Transwestern represented the tenant. Barkley Peschel and Jon Lindenberger of Colliers represented the landlord, AIC Industrial.
Athenian Group, a Houston-based consulting firm that focuses on project management and organizational change management, relocated to The Ion at 4201 Main Street, Suite 222, in Midtown. The minorityowned company is led by President and CEO by Bobby Dixon, who founded the firm in 2012. The move accommodates the company’s employee growth, expanded client base and need for more collaborative meeting and planning space.
Life Time, a healthy lifestyle brand with more than 160 athletic country clubs in the United States and Canada, completed an expansion and upgrade to its squash sports complex at Life Time CityCentre in west Houston. The $800,000 project entailed adding five courts, including an all-glass court with stadium seating for events and tournaments, and renovating four existing courts, according to the company. Life Time has 26 athletic country clubs offering squash programming such as classes, leagues and tournament
socials, with 14 more in the works.
HG Ventures has acquired the newly developed 15,750square-foot Commons at Harvest Green Phase II shopping center at 11143 Harlem Road, Richmond. Rick Ragan of NewQuest Properties represented the buyer. Matt Berry, Drew Reinking and Robbie Kilcrease of CBRE represented the seller, ARVO-III LLC.
Wallisville Business Park, at 9159 Wallisville Road in northeast Houston, is fully leased after the signing of a 29,300-square-foot industrial lease to an unnamed tenant. Jim Autenreith and Sam Rayburn of Moody Rambin represented the landlord, LSM Kingswood Estates LLC.
Godspeed Capital Management, a private equity firm, announced the acquisition of Morris & Associates Engineers, an engineering and architectural firm founded by Don K. Morris in Houston in 1960. Morris & Associates will join Stratus, Godspeed Capital’s multidisciplinary engineering, architecture and consulting platform.
Emmanor Capital 1 acquired the 17,729-square-foot Cypress Lakes Crossing at 14102-14106 Mueschke Road, Cypress. Nick Ramsey and Kevin Sims of NewQuest Properties represented the seller, Arbed Mueschke LP. Josh Sebesta of S&P Interests represented the buyer.
The Dinerstein Cos. ,a full-service real estate and development company based in Houston, unveiled a new luxury multifamily brand called Atlas. The first two projects, consisting of Atlas at The Loop (400 units) and Atlas Ballpark (264 units) in Kissimmee, Fla., will be completed in 2024. Atlas will debut in Texas in Austin. Dinerstein has more than $2.7 billion in projects under development.
Sound Studies leased 1,218 square feet in suite 7A of a newly developed 19,750square-foot business park at 18021 Longenbaugh Road in Cypress. Stephanie Flores and Andrew Bischoff of Finial Group represented the tenant.