HOUSTON—Total nonfarm employment in the Houston-Woodlands-Sugar Land Metropolitan Statistical Area stood at 3 million in January 2019, up 83,800 or 2.8%, from one year earlier, according to a recent report by the US Bureau of Labor Statistics. During the same period, the national job count increased 2%. Stanley W. Suchman, assistant commissioner for regional operations, noted that among the 12 largest metropolitan areas in the country, Houston ranked third in the number of jobs added during the year and tied for second with Dallas in the annual rate of job growth.
It’s no wonder, then, that multifamily continues to dominate commercial acquisitions in the region, and indeed, in much of Texas. Those statistics point to another multifamily transaction which marks the seventh property in the Houston metro and first Houston-area acquisition in 2019 for American Landmark.
The firm recently acquired Haven at Lakes of 610 Apartments, a 282-unit multifamily property for an undisclosed price. The new class-A apartment community located at 8900 Lakes at 610 Dr. was purchased from a joint venture between Guefen Development and the Rainier Companies.
“Houston was a leader in job growth in 2018, and is poised to do the same this year, so we are very confident in the long-term demand for workforce housing in the region, which has seen its economy diversify significantly,” said Christine DeFilippis, chief investment officer of American Landmark. “With its exceptional location and amenities, Aspire at 610 fits our investment strategy perfectly.”
The company currently owns approximately 25,000 apartments throughout the Southeast and Texas, and plans to add another $2 billion in properties to its growing multifamily portfolio this year.
“Texas is seeing considerable population growth with about a thousand new residents each day,” Joe Lubeck, CEO of American Landmark, tells GlobeSt.com. “With exceptional job growth throughout each of its major industry sectors, Houston’s long-term outlook is solid, with the demand for workforce housing expected to remain strong.”
The asset will receive a $1.45 million capital investment and be renamed Aspire at 610. American Landmark’s improvements will add new flooring, USB plugs and smart locks in all units. Amenity improvements will include the addition of a dog-washing station, fire pits, package locker system, clubhouse and landscaping enhancements.
The four-story community was built in 2018. One- and two-bedroom units feature washer/dryer machines, granite countertops, black appliances, plank flooring in first-floor units and kitchen islands. Amenities include a clubhouse, large pool with sundeck and business center.
Aspire at 610 is located in the South Main area of Houston, off of Interstate 610 and located near NRG Stadium.