HOUSTON-SQN Realty Finance and Allen Harrison Co. closed their third transaction as partners, adding the 156-unit Blenheim Apartments to their portfolio. The JV acquired the multifamily property from Prescott Capital Management LLC in New York, and plans to reposition the asset.

The process of repositioning the property at 1007 Cypress Station Dr. has already begun –SQN Finance principal Elizabeth Roll tells GlobeSt.com that the multifamily property is now operating under the name Preserve at Cypress Creek. The property was approximately 90% occupied at closing. Jeff Patterson with Apartment Realty Advisors' Austin office represented the buyer. Allen Harrison Co., based in Houston, will handle the day-to-day operations of the property.

Preserve at Cypress Creek is located in the northern section of Houston, in an area known as the Champions submarket. The asset itself is located near a thriving medical area that includes Intracare North Hospital, Kindred Hospital, Woodlands North Houston Heart Center and Houston Northwest Medical Center. "The property is located in a very healthy submarket and with AHC's proven reposition and renovation program, rental rates should increase to a level equivalent with the submarket,” Roll says.