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.”
Listen to this article: It is difficult to find a market conversation today that does not eventually lead back to interest rates. For Canadian advisors, there are particularly good reasons to be paying attention. U.S. Treasury yields have moved materially…
Last season, Greybrook became the first-ever lead sponsor of York Lions Men’s Hockey. This year, extending that support to the women’s program was a natural next step and reflects something we believe deeply: sport shapes future leaders. It is an…
Greybrook team members rode in support of the 7th Annual Velo Blu Charity Bike Ride in Niagara-on-the-Lake, helping raise $270,000 to advance research into rare childhood diseases and gene therapy through the Blu Genes Foundation. Held at the scenic Peller…
On Sunday, September 20, Greybrook joined runners, walkers, volunteers and community supporters at the 17th Annual Constantine Yorkville Run, coming together to raise funds for charities making a difference across Toronto. As a Presenting Partner, Greybrook was proud to once…
Members of Greybrook’s Institutional Capital Markets team recently attended and sponsored Future Proof Festival, the world’s largest four-day wealth management festival, held in Huntington Beach, California. As part of its sponsorship, Greybrook supported the QWealth Canadian Lounge, a dedicated gathering…
Lindsay Heights, our low-rise, master-planned community in the City of Kawartha Lakes, is set to welcome one of its most anticipated neighbourhood retail additions with the opening of a Walmart Supercentre. Located at the northwest corner of Lindsay, at Highway…
This advancement marks a significant milestone for Florida’s first supertall Downtown Miami residence, a signature hallmark of the renowned Waldorf Astoria brand, offering a collection of 205 luxury hotel guestrooms, dedicated five-star service and once-in-a-lifetime experiences. Construction of the staggered…
Listen to this article: The best time to buy durable assets is rarely the moment they feel comfortable to buy. In multifamily, rent growth tells you where a market is today, but the conditions that signal where it is heading…
Dallas-Fort Worth has been one of the most closely watched multifamily markets in the United States over the past several years. Long-term population and employment growth, rapid corporate relocations, relative affordability and a deep, diversified economy have helped draw a…
The launch of the Greybrook U.S. Multifamily Income & Growth Fund reflects our continued evolution as a North American real estate investment platform — expanding into institutional-quality, income-producing U.S. multifamily assets and giving investors access to a strategy built around…
