Bella Luna and San LucasBella Luna and San Lucas are located at 5621 Westward St. and 6111Glenmont Dr. in Houston.

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HOUSTON—A $29 million refinance has kicked-off the redevelopmentof two Southwest Houston multifamily communities: Bella Luna andSan Lucas. Totaling 780 units in 19 buildings, the two communitiesare owned by Southern California-based Bolour Associates Inc., aprivately owned real estate investment, development and financecompany, and Houston-based investment and management firm MBMIGlobal LLC.

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The redevelopment project will transform the class-C Bella Lunaand San Lucas complexes with new kitchens and bathrooms, upgradedinteriors, and renovated landscaping, exteriors and common areas.Renovation activity at Bella Luna and San Lucas is now underway,with expected completion in September 2020.

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"Southwest Houston is a submarket in transition and the perfectlocation for Bolour to apply its infrastructure and expertise torealize the full value of these two properties," said Bolour CEOMark Bolour. "Our creative redevelopment plan will enable BellaLuna and San Lucas to fill the area's growing demand forhigh-quality but affordable workforce housing. We're proud to serveas a long-term community partner in this way."

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Bella Luna and San Lucas are located at 5621 Westward St. and6111 Glenmont Dr. in Houston. The properties are less than one-halfmile from Interstate 69, two miles from Interstate 610 and minutesfrom multiple universities, neighborhood shopping and attractionssuch as the Buffalo Bayou Paddling Trail and Houston Arboretum.

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Together, the two complexes span 19 two-story buildings on morethan 20 acres, and 780 units with one- to three-bedroom apartmentand townhome configurations ranging from 676 to 1,472 square feet.Property features include on-site laundry facilities, a privatepool, children's playground, high-speed Internet and parking.

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The renovation undertaking is made possible by the five-yearrefinance loan secured by Bolour in late 2019. The property is oneof several Bolour-owned multifamily assets purchased in SouthwestHouston during the past several years.

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"This workforce housing is all market rate units, but we aretargeting moderate- to low-income households. Location and a lackof supply of workforce housing precipitated this undertaking. Mostclass-C housing in Houston is being torn down to build class A, sowhile supply was dwindling, demand for class-C housing in alocation as good as this is still very strong," Bolour tellsGlobeSt.com. "Proximity to downtown and Galleria makes itattractive for people to live in to limit their commutes towork."

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Houston is transitioning to higher-density development as urbancore strengthens. Creating a denser and more vertical downtownremains top of mind for developers as apartment construction willstay concentrated in central Houston and surrounding neighborhoods.The influx of Millennials and empty nesters to the core seekingwalkable communities will support the addition of 5,000 new unitsto the metro's urban submarkets in 2020, highlighted by four20-plus-story complexes, according to a report by Marcus &Millichap.

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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.