HOUSTON–Philadelphia-based Lubert-Adler Partners has sold Tiburon, a 320-unit class A apartment community in Houston, to a private buyer. ARA Real Estate Investment Services represented Lubert-Adler in the transaction.

“Our operating partner, CFLane, superbly executed our business plan at Tiburon,” Gerald Ronon, chief operating officer at Lubert-Adler, told GlobeSt.com.

On behalf of several of its clients, Lubert-Adler acquired Tiburon in 2011 from its original developer, UDR Inc., as part of a larger value-add multifamily investment strategy. 

Built in 2008, Tiburon is located just off Beltway 8, less than two miles from Highway 290, and three miles from State Highway 249 at 8989 West Road. The Highway 290 corridor, including the Sam Houston Tollway, is a major industrial employment base with employers that include Enterprise Products, Halliburton, Exxon and Toyota. Highway 249, known as the Technology Corridor, has employers such as Noble Energy, HP and Lonestar College University.

The asset's high-end, modern units feature dark-stained cabinets, black appliances, faux-wood blinds and crown-molding. Community amenities include a clubhouse, business center, fitness center and swimming pool.

From 2010 to 2013, Lubert-Adler acquired and subsequently repositioned a $2 billion portfolio of multifamily properties encompassing 52 separate investments. These properties are located in 19 states and total 21,696 units. All of the properties were acquired in joint venture with local operating partners. A significant number of them have been repositioned and sold.