New Multifamily Asset in Core Location Leverages Employers

The Everly is located at 2827 Dunvale Rd. and was completed last year.

HOUSTON—The city’s multifamily market keeps bringing out-of-state investors and capital to the city, this time with New York-based Praedium Group’s purchase of the infill community of The Everly, a 387-unit class-A apartment complex situated between the Energy Corridor and Galleria. The privately held firm purchased the asset from San Antonio-based Embrey Partners, Ltd., which was represented by senior managing director Ryan Epstein, director Jennifer Ray and associate director Scott Bray of Berkadia’s Houston office.

“Houston’s class-A infill communities have become increasingly uncommon yet highly desired assets that offer long-term stability and value appreciation for several reasons,” said Epstein. “In addition to a suite of modern amenities, the presence of a newly built asset in a core location between Uptown/Galleria and the Westchase District provides compelling opportunities to leverage surrounding employers and amenities, securing its viability and demand especially when taking into account the lack of new supply within three miles.”