HUMBLE, TX-Crossbeam Capital LLC has acquired Woodland Hills, a 282-unit, class A property in suburban Houston. The Bethesda, MD-based firm bought the garden-style community from Verde Apartment Communities for an undisclosed amount. However, industry experts estimate the 18-month-old apartment property traded for close to $30 million.
Situated on 11.2 acres at 3918 Atascocita Rd., Woodland Hills is the eighth apartment building that Crossbeam has completed with its operating partner, Houston-based Concierge Management Services, in the past 16 months. In December, Crossbeam completed its merger with CMS’ parent company, Concierge Asset Management.
Charles Cirar, vice chairman of CB Richard Ellis’ Multi-housing Group, marketed Woodland Hills on behalf of Verde Apartment Communities. Tom Cabibi, president of Denver-based Altitude Realty LLC, represented Crossbeam.
Cirar tells GlobeSt.com that the community received about 25 offers during its five weeks on the market. Crossbeam won the deal not only because of its price, but its ability to close, he adds. “With Maxwell Drever and the Crossbeam team, we knew that we had the certainty of execution we were looking for,” he notes.
Woodland Hills offers a mix of one- and two-bedroom units ranging from 622 to 1,269 square feet. Monthly rents range from $723 to $1,340.
Unit interiors include designer kitchens with 42-inch raised panel cabinets, bathrooms with garden tubs and walk-in showers and oversized patios. Community amenities include a large lagoon style pool with a fireplace, pergola and stainless steel grills, a pet park and a fitness center with health-club quality equipment.
“The acquisition of Woodland Hills, which is 95% occupied, exemplifies our strategy of acquiring well located apartments close to major employment centers in high-growth markets,” says Crossbeam’s chief business officer Brad Blash. In total, the Crossbeam/Concierge team has acquired more than 2,000 rental units.
Brant Smith and Michael Levell in Berkadia Commercial Mortgage’s Austin office arranged the permanent financing through Freddie Mac. Concierge Management Services will manage the apartment community.
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