GreyBrook logotype
Investor Login Contact Us

Greybrook and Marlin Spring Announce US$68,000,000 Acquisition of Two Multi-Family Properties in Houston, Texas

Date:
November 29, 2018
Share:

Greybrook Realty Partners and Marlin Spring Investments announced today the acquisition of two townhome apartment complexes in Houston, Texas, for a purchase price of US$68,000,000. Entities jointly owned and controlled by Greybrook and Marlin Spring Investments will oversee the execution of a value-add program to renovate rental suites, improve common areas, and increase building efficiencies across both properties.

Built between 1992 and 1999, the adjacent properties are located near Houston’s Romano Woods neighbourhood, and collectively consist of 566 garden-style residential townhomes on 39-acres. Located within a short drive from downtown Houston, the amenity-rich properties offer tenants two clubhouses, fitness centres and resort style pools, as well as convenient access to surrounding educational institutions, retail hubs, and the Houston Northwest Medical Center.

Supported by superior access to ground, air and rail transportation, Houston has established itself as a major economic hub. The largest city in Texas and the fourth largest city in the United States, Houston’s population growth has exceeded both state and national levels since 2011, and job growth in the metro Houston Metroplex area is forecast to remain double the national average through 2022. A global leader in the oil and energy industry, the city is also home to the internationally renowned Texas Medical Center, and ranks fourth in the U.S. for number of Fortune 500 headquarters.

“We are thrilled to expand our real estate investment portfolio into Houston along with our trusted partner Marlin Spring Investments,” stated Sasha Cucuz, CEO of 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.”

“Houston has demonstrated strong market fundamentals, and with increasing rents and decreasing vacancies, the city checked a lot of boxes for Marlin Spring and Greybrook’s value-add investment strategy,” explained Ben Bakst, CEO of Marlin Spring Investments. “This is our eighth value-add multi-family property acquisition in North America and it is an exceptional opportunity for our organizations to leverage our collective experience and expertise in real estate to significantly increase the value of this asset.”

Read the full release on Globe Newswire.

Latest Insights

Boardroom Brief: EP. 05 – Trump, Tariffs & Trade Tensions: What the Potential U.S. Tariffs Could Mean for the Real Estate Market

Insights
February 5, 2025

The prospect of a trade war that could disrupt the North American economy is on hold – for now. U.S. President Donald Trump has agreed to delay imposing 25% tariffs on Canada and Mexico for 30 days, easing immediate concerns…

The Elser Hotel & Residences Miami is Over 95% Sold

Portfolio Updates
January 28, 2025

The Elser Hotel & Residences continues to meet the demand of Miami’s evolving real estate market, with over 95% of its units now sold. Its exceptional amenities, prime location, and attractive hotel rental model remain key drivers, drawing discerning owners…

Sasha Cucuz Joins the Latest Episode of beyond MD to Discuss What Factors Impact Returns When Investing in Real Estate Development

Multi-media
January 24, 2025

Sasha Cucuz, CEO of Greybrook Securities, recently appeared in Episode #83 on the beyond MD podcast. Hosted by Dr. Yatin Chadha, a radiologist based in Toronto, this popular podcast aims to enhance financial literacy among Canadian professionals, namely physicians, dentists, and…

Miami’s Iconic Waldorf Astoria Hotel & Residences Rises as Vertical Construction Reaches New Heights

Portfolio Updates
January 22, 2025

The advancement of vertical construction marks a significant milestone for the iconic Downtown Miami residence, which will set a new standard in luxury condominium living and architectural design in the renowned city. Beyond its striking 9-staggered cube silhouette, the one-of-a-kind…

All Units Sold and Closed at Stockyards District Residences

Portfolio Updates
January 21, 2025

We are delighted to announce the successful sales and closings of all residential and commercial inventory at our Stockyards District Residences. This achievement signifies a major milestone for the project. With only a limited number of parking spots and lockers…

2024 Year-In-Review: Highlight Reel

Company News
January 16, 2025

As we reflect on the last year, we proudly celebrate our team’s achievements across our organization and diverse portfolio of over 110 projects. In 2024, we remained focused on driving progress and adapting to shifting market dynamics, demonstrating our commitment…

Greybrook Invests $42,000,000 in a Residential Development Project with Treasure Hill in Markham, Ontario

Portfolio Updates
December 20, 2024

On December 20th, Greybrook successfully closed on a $42,000,000 investment completed by its managed issuer. The funds will be used to acquire and oversee the development of a prime parcel of land located at the intersection of Warden Avenue &…

Greybrook Proudly Supports the Revitalization of Cambridge’s Preston Memorial Auditorium 

Company News
December 10, 2024

Greybrook is proud to share our support towards the revitalization of The City of Cambridge’s Preston Memorial Auditorium. This contribution will play a crucial role in the ongoing renovation and expansion of the recreational facility, which will continue to serve…

Highlights From Velo Blu 2024

Company News
December 9, 2024

This past fall, the 5th Annual Velo Blu charity ride for Blu Genes took place, bringing together over 140 participants and raising more than $400,000 for gene therapy research. Set at Peller Estates Winery, this unforgettable event highlighted the power of community…

Lindsay Heights Unveils 6 Designer-Decorated Showhomes

Portfolio Updates
November 29, 2024

Since its launch last October, the low-rise, master-planned community—developed in partnership with Tribute Communities—has continued to attract interest from prospective buyers eager to experience the small-town charm of Lindsay. Now, with the grand opening of the showhomes, buyers have the…

All Publications

Join our newsletter and keep up to date with our news & insights

Contact us