Bellrock Real Estate Partners Acquires Houston Multifamily
The firm secured a $64.7 million mortgage loan for the acquisition of a 375-unit residential community.
HOUSTON, TX – Bellrock Real Estate Partners has secured a $64.7 million mortgage loan to acquire a 375-unit residential community in Houston, TX.
A fund sponsored by CBRE Global Investors closed on the loan to facilitate the acquisition. Newmark’s Hank Glasgow and Braden Harmon arranged the loan on behalf of Bellrock Real Estate Partners. The floating rate loan has a three-year initial term, which can be extended up to an additional two years.
The acquired property, Bellrock Summer Street, formerly known as Broadstone Summer Street, is located at 3030 Summer St., directly south of Interstate 10.
Completed in late-2019, the five-story property features a swimming pool, a rooftop terrace, a 24-hour fitness center, a resident lounge, game room, theatre room, grilling stations, pet run, pet washing station and a secured parking garage with EV charging stations.
The community’s units feature 10-foot ceilings, in-unit washers and dryers, wooden plank-style flooring, stainless-steel appliances, walk-in closets, quartz countertops and private patios and balconies in select units.
“Bellrock Summer Street has been resilient throughout the COVID-19 pandemic, posting strong leasing activity over the past 18 months,” states Charles Kim, managing director at CBRE Global Investors. “We believe that demand for this type of high-quality community in Houston will keep increasing, especially as the economy continues its recovery from the pandemic.”
Kim adds, “We were pleased to have worked with both Newmark and the partners at Bellrock on this deal. We believe that the new ownership will continue to drive leasing at the property towards stabilization.”