SUGAR LAND, TX-Behringer Harvard has teamed with Arcadian Real Estate Group to acquire the 240-unit Parkside Apartments, a multifamily property located in Fort Bend County, approximately 20 miles southwest of downtown Houston. The joint venture is planning a two-year renovation program to boost common-area amenities and upgrade to unit finishes.
According to the Fort Bend Central Assessment District, the property at 12100 Highway 6 S. was owned by Waypoint Parkside Owner LLC; an entity formed by Waypoint Residential with Juniper Investment Group. The sales price was not disclosed, though the 1998-built property is assessed at $16.2 million. Parkside Apartments was acquired for the portfolio of Behringer Harvard Opportunity REIT II.
“We are pleased to acquire this well-leased community in a supply-constrained submarket on an attractive basis below replacement cost,” says Michael O’Hanlon, CEO of Behringer Harvard’s Opportunity Platform. “Texas is an attractive market for institutional investors, and Houston benefits from a strong economy and favorable demographics. We expect Parkside Apartments to provide attractive cash flow and strong upside potential. Our value-added improvement program should further enhance the appeal of this popular community while lifting rents.”
Situated on 9.2 acres, Parkside Apartments comprises 19 residential buildings of two or three stories each. The complex offers one-, two- and three-bedroom units ranging in size from 643 square feet to 1,300 square feet.
Parkside Apartments is less than a mile from Sugar Land Airport and the Imperial Sugar Land development, a master-planned mixed-use project now underway. Plans for the 700-acre Imperial Sugar Land include a professional business park, residential neighborhoods, retail centers, restaurants and lodging. The newly constructed Constellation Field is already hosting the minor-league baseball games of the Sugar Land Skeeters.