Haven at Lakes at 610 Dr. The282-unit Haven at Lakes of 610 Apartments is located at 8900 Lakesat 610 Dr.

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HOUSTON—Total nonfarm employment in the Houston-Woodlands-SugarLand Metropolitan Statistical Area stood at 3 million in January2019, up 83,800 or 2.8%, from one year earlier, according to arecent report by the US Bureau of Labor Statistics. During the sameperiod, the national job count increased 2%. Stanley W. Suchman,assistant commissioner for regional operations, noted that amongthe 12 largest metropolitan areas in the country, Houston rankedthird in the number of jobs added during the year and tied forsecond with Dallas in the annual rate of job growth.

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It's no wonder, then, that multifamily continues to dominatecommercial acquisitions in the region, and indeed, in much of Texas. Those statistics point to another multifamily transaction which marks the seventh property in theHouston metro and first Houston-area acquisition in 2019 forAmerican Landmark.

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The firm recently acquired Haven at Lakes of 610 Apartments, a282-unit multifamily property for an undisclosed price. The newclass-A apartment community located at 8900 Lakes at 610 Dr. waspurchased from a joint venture between Guefen Development and theRainier Companies.

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“Houston was a leader in job growth in 2018, and is poised to dothe same this year, so we are very confident in the long-termdemand for workforce housing in the region, which has seen itseconomy diversify significantly,” said Christine DeFilippis, chiefinvestment officer of American Landmark. “With its exceptionallocation and amenities, Aspire at 610 fits our investment strategyperfectly.”

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The company currently owns approximately 25,000 apartmentsthroughout the Southeast and Texas, and plans to add another $2billion in properties to its growing multifamily portfolio thisyear.

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“Texas is seeing considerable population growth with about athousand new residents each day,” Joe Lubeck, CEO of AmericanLandmark, tells GlobeSt.com. “With exceptional job growththroughout each of its major industry sectors, Houston's long-termoutlook is solid, with the demand for workforce housing expected toremain strong.”

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The asset will receive a $1.45 million capital investment and berenamed Aspire at 610. American Landmark's improvements will addnew flooring, USB plugs and smart locks in all units. Amenityimprovements will include the addition of a dog-washing station,fire pits, package locker system, clubhouse and landscapingenhancements.

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The four-story community was built in 2018. One- and two-bedroomunits feature washer/dryer machines, granite countertops, blackappliances, plank flooring in first-floor units and kitchenislands. Amenities include a clubhouse, large pool with sundeck andbusiness center.

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Aspire at 610 is located in the South Main area of Houston, offof Interstate 610 and located near NRG Stadium.

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Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.