Search
 

Hot Sharpstown Finds No Ill Effects from Oil Woes

HOUSTON—Despite the struggles during the last 18 months due to the drop in oil prices, value-oriented apartments continue to attract investor demand and outperform some class-A properties.

By Lisa Brown | lisabrown | | Updated on June 13, 2016
Villas de Palmas Villas de Palmas is a late-1970s vintage asset with 659 units.
HOUSTON—The Sharpstown District has undergone significant revitalization and positive growth during the last 15 years. Named the Best Hidden Neighborhood by the Houston press and one of 25 Hottest Neighborhoods in Houston by Houstonia magazine, there is renewed interest in revitalizing the area, especially considering its close proximity to some of Houston’s most affluent neighborhoods. Within Sharpstown, Villas de Palmas is a late-1970s vintage asset with 659 units. It has recently sold for an undisclosed price to Nimes Capital . This represents the buyer’s fourth acquisition in Houston during the past 12 months. The seller was a group made up of Thrive FP, Jevan Capital and Comunidad Realty Partners . Kevin Dufour , director at FourPoint Multifamily Investments , procured both buyer and seller, and negotiated the sale between the two parties. Dufour tells GlobeSt.com: “Despite the struggles that the Houston market has seen over the last 18 months due to the drop in oil prices, value-oriented apartments continue to attract investor demand in Houston and outperform some of Houston’s class-A properties. Villas de Palmas represents a perfect example of a property that has seen little to no impact from the decline in the energy sector.” At the time of sale, the seller had already completed partial upgrades to the exterior/common areas of the property and interior upgrades to approximately 20% of the units. The buyer plans to complete the remainder of the renovations throughout the property and continue to enhance the asset. “Sharpstown is a very dynamic market with incredible proximity to both The Galleria and downtown Houston,” Dufour says.    

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.