HOUSTON-Wild River Investments of Austin has made its second commercial real estate buy in the West Oaks area of Houston, acquiring the 464-unit Vinings at West Oaks. The investor bought the 1980s multifamily complex from the REO special assets group of Wells Fargo NA, operating under the name of Redus TX Properties LLC.
Vinings at West Oaks is at 15250 Gray Ridge Dr. and was developed by Trammell Crow Cos. The complex is less than 1.5 miles southwest of Villas at West Oaks, which Wild River acquired within the past 18 months.
“Since acquiring the Villas at West Oaks property in this submarket last year we have seen substantial rent growth. Vinings at West Oaks will compete at a lower price point than our Villas asset and represents an ideal opportunity for a new ownership group to infuse fresh capital and offer competitively priced units in the strong West Houston market. The synergies among the two assets combined with our competitive basis makes Vinings the perfect addition to our growing portfolio” says John McEwan, partner at Wild River Investments.
Wild River has initiated an extensive capital improvement project on Vinings at West Oaks that will provide upgraded unit interiors and competitive amenities to residents. The seller was represented by HFF of Houston. The buyer’s financing was arranged through Berkadia Commercial Mortgage of Austin. Loan terms include a seven-year Freddie Mac-capped ARM with an initial rate less than 3%.