TriArc acquires 112-unit apartment community in North Houston
HOUSTON, TX – TriArc Real Estate Partners (TriArc) announces it has acquired Smart Living at Stuebner Airline, a 112-unit apartment community in North Houston.
Smart Living at Stuebner Airline is situated along Stuebner Airline Road immediately southwest of the intersection of the North Freeway (Interstate 45) and W. Little York Road, which provides nearby access to Loop 610 and Interstate 10 as well as the Houston CBD. The 4.35-acre property was completed in 2015 and totals 81,502 rentable square feet. Units include a mix of one-bedroom/one-bath and two-bedroom/two-bath floor plans featuring contemporary cabinetry, faux wood flooring, energy efficient windows, walk-in closets, and in-unit washers and dryers. Common area amenities include two outdoor seating and barbecue areas as well as a central open courtyard.
“We have been operating in this submarket for the past 2 years with great success which is why we decided to expand our presence here with the acquisition of Smart Living. It’s rare to acquire neighboring properties like this and we are looking forward to taking advantage of all the synergies it creates as well as those created by our award-winning operations team. We will be giving the property a light capex update and rebranding it to better serve the community.”
TriArc Real Estate Partners is a full-service investment management firm focused on the acquisition of compelling multifamily real estate assets with untapped value to deliver market leading returns to its investors. TriArc was established in 2013 by the principals of The Atlas Company and Kindred Residential as a full-service investment vehicle to leverage the operational platforms, industry networks and skill sets of each respective firm to successfully execute on a yield-plus and value-add investment strategy in the multifamily real estate asset classes. The firm’s owned and third-party managed portfolio includes approximately 1,100 conventional apartment units spread across the Houston MSA and Corpus Christi with assets under management totaling over $100 million. For more information, please visit www.TriArcREP.com or follow TriArc on Twitter @TriArcREP.