HOUSTON, TX–Greybrook Realty Partners and Marlin Spring Investments recently announced the acquisition of two townhome apartment complexes in Houston for $68 million. They plan on renovating existing rental suites, improve all common areas, and increase building efficiencies across both properties.
Built between 1992 and 1999, the adjacently located properties are collectively made up of 566 garden-style residential townhomes on 39-acres. The properties offer tenants two clubhouses along with fitness centers and resort style pools.
“With current sitting rents for each property below market for comparable units in the vicinity, we believe an opportunity exists to meaningfully increase the properties’ net operating income through the roll-out of a well-executed value-add program to reposition the asset,” says Sasha Cucuz, CEO of Greybrook Securities Inc.
Greybrook Realty Partners is an asset management firm that invests equity in value-add and development-based assets.
Marlin Spring Investments acquires, develops and manages residential assets throughout North America.