HOUSTON—With more than 1,100 apartment units acquired in the Houston MSA during the last nine months and three acquisitions so far in 2016, Advenir plans to acquire in excess of $350 million by year end. Its latest acquisition, Advenir at Stone Park (formerly known as Broadstone Stone Park Apartments) is a 480-unit, class-A apartment community located at 6160 East Sam Houston Pkwy N.
Todd Linden, chief acquisition officer of Advenir, tells GlobeSt.com: “Advenir believes now is the time to be strategically acquiring Houston multifamily properties within select submarkets. Cap rates have increased 75 bps during the last year, which creates a significant discount. Even though Houston is burdened by oil pricing today, the economy is diverse, and we therefore believe over the next five years there will be continued job and population growth. It may be a contrarian approach, but being extremely well capitalized by longtime high net investors that believe in our track record and investing approach, we expect to increase our Houston portfolio by 1,500 units this year.”
The acquisition consists of a two-phased development. The first phase was built in 2004 and the second was built in 2007. Advenir at Stone Park has common area amenities that include two fitness centers, two business centers, two resort-style swimming pools with sun deck, gazebo with barbecue grills and picnic area, available detached garages and carports, controlled access, nearby public parks, available storage units, billiards rooms with shuffleboard, kitchens and large-screen televisions. Advenir plans to invest approximately $4 million to renovate and modernize all of its common area facilities, the property exteriors and unit interiors.
“Advenir at Stone Park presented us with a strong opportunity that aligned with our business strategy of investing in value added, well-located apartment communities,” said Linden. “The Houston region, although currently under a microscope, is a market we will continue to grow our portfolio in and believe we are doing so at a significant discount to purchases prices less than nine months ago. We are very strategic in our submarket and property type selection within the Houston MSA and believe that our investors we will be rewarded with significant appreciation as oil prices normalize over the next few years.”
The property is within walking distance to The Shops at Stone Park and New Forest Crossing Shopping Center which include approximately 533,000 square feet of retail. The centers offer an abundance of shopping and restaurants including Best Buy, Big Lots, Ross, Staples, JCPenney, PetSmart, Lowe's Home Improvement, Chipotle, Olive Garden, Johnny Carinos, Applebee's, and Buffalo Wild Wings. Additionally, Advenir at Stone Park is just eight miles from Greens Port Industrial Park, a 655-acre multi-tenant industrial park that has more than 3 million square feet of industrial facilities. It is also less than a 10-minute drive to East Houston Regional Medical Center, which employs approximately 900 people.
Founded in 1996, Advenir Inc. is a real estate investment company headquartered in Aventura, FL (Miami‐Dade County).
HOUSTON—With more than 1,100 apartment units acquired in the Houston MSA during the last nine months and three acquisitions so far in 2016, Advenir plans to acquire in excess of $350 million by year end. Its latest acquisition, Advenir at Stone Park (formerly known as Broadstone Stone Park Apartments) is a 480-unit, class-A apartment community located at 6160 East Sam Houston Pkwy N.
Todd Linden, chief acquisition officer of Advenir, tells GlobeSt.com: “Advenir believes now is the time to be strategically acquiring Houston multifamily properties within select submarkets. Cap rates have increased 75 bps during the last year, which creates a significant discount. Even though Houston is burdened by oil pricing today, the economy is diverse, and we therefore believe over the next five years there will be continued job and population growth. It may be a contrarian approach, but being extremely well capitalized by longtime high net investors that believe in our track record and investing approach, we expect to increase our Houston portfolio by 1,500 units this year.”
The acquisition consists of a two-phased development. The first phase was built in 2004 and the second was built in 2007. Advenir at Stone Park has common area amenities that include two fitness centers, two business centers, two resort-style swimming pools with sun deck, gazebo with barbecue grills and picnic area, available detached garages and carports, controlled access, nearby public parks, available storage units, billiards rooms with shuffleboard, kitchens and large-screen televisions. Advenir plans to invest approximately $4 million to renovate and modernize all of its common area facilities, the property exteriors and unit interiors.
“Advenir at Stone Park presented us with a strong opportunity that aligned with our business strategy of investing in value added, well-located apartment communities,” said Linden. “The Houston region, although currently under a microscope, is a market we will continue to grow our portfolio in and believe we are doing so at a significant discount to purchases prices less than nine months ago. We are very strategic in our submarket and property type selection within the Houston MSA and believe that our investors we will be rewarded with significant appreciation as oil prices normalize over the next few years.”
The property is within walking distance to The Shops at Stone Park and New Forest Crossing Shopping Center which include approximately 533,000 square feet of retail. The centers offer an abundance of shopping and restaurants including
Founded in 1996, Advenir Inc. is a real estate investment company headquartered in Aventura, FL (Miami‐Dade County).
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
