HOUSTON-Adams LaSalle Institutional Apartments has acquired Stone Mist Apartments, a 192-unit, class A multifamily community here.
The Chicago-based investor bought the property out of receivership from special servicer, Midland Loan Services, for an undisclosed amount. Trigild served as the receiver.
Stone Mist Apartments is Adams LaSalle’s fourth multifamily acquisition in the past 16 months, according to Tim Burns, principal with Adams LaSalle. The 12-year-old complex brings the firm’s local portfolio to five properties totaling nearly 1,300 units.
“We had been tracking Stone Mist Apartments for a year and half – watching and waiting [for the opportunity to acquire it],” Burns tells GlobeSt.com. Jim Hearn of Hendricks & Partners marketed the property, which is situated on 8.7 acres at 10901 Mist Lane in the northwest submarket. Adams LaSalle obtained a 10-year, fixed-rate loan from Freddie Mac to acquire the asset.
Developed by local firm Oakmont Group, the apartment community consists of eight two- and three-story garden-style buildings and a single-story clubhouse. It features a mix of one and two-bedroom units ranging from 669 square feet to 1,088 square feet. Monthly rents range from $738 to $1,080. The property was 93% occupied at the time of closing.
“Stone Mist fits perfectly into our strategy of buying high quality assets that are 10 to 15 years old and have not been upgraded,” Burns says, adding that Adams LaSalle plans to invest about $4,000 per unit to upgrade the property. “With a little bit of capital, we think we can improve the performance – both occupancy and rental rates.”
Stone Mist Apartments’ capital improvement program will include: clubhouse renovations; pool upgrades; landscape and signage enhancements; and interior unit upgrades. Adams LaSalle’s multifamily operating affiliate ALR Properties Company LLC will manage the community.
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