Moriah Real Estate Sells 1,331-Unit Westchase Portfolio

Moriah Real Estate Co. and partner Ascension Commercial Real Estate sold the Westchase Portfolio, consisting of three Class B properties and totaling 1,331 units in west Houston. Buyer Valcap Group ended up with Westchase Estates, Westchase Grand and Westchase Preserve, acquiring the 91%-occupied portfolio as a value-add play.

The portfolio consisted of:

• 307-unit Westchase Estates, 2305 Hayes Rd.
• 556-unit Westchase Grand, 10881 Richmond Ave.
• 468-unit Westchase Preserve, 10615 Meadowglen Ln.

Matt Phillips and Clint Duncan with CBRE represented the seller. CBRE’s Michael Thompson arranged for acquisition financing.

Phillips noted that the value-add potential and recovery story of west Houston’s apartment market spurred a great deal of interest in the portfolio. “You can really see the enthusiasm from investors by the large amount of capital that has been spent upgrading the multitude of older apartment communities throughout the Westchase District over the last few years,” Phillips added.

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