RPM Living’s Portfolio Fund Picks Second Houston Rental Community

RPM Living has picked up its second Houston-area rental community paid for by its Mulltifamily Fund I portfolio. The Ashton on West Dallas is a 246-unit luxury apartment community located at 1616 W. Dallas St. in Houston. Amerant Bank provided acquisition financing for the purchase. CIM Group was the seller.

Ashton on West Dallas was built in 2013 and offers 4 stories of one- and two-bedroom apartments averaging between 608 and 1,399 square feet. Community-wide amenities include a swimming pool, fitness center, business center, clubhouse, lounge and dog park.

RPM’s Hank Farrell says the location keyed the transaction, “Ashton provides great opportunity with the potential for outsized rental growth given the area’s limited construction pipeline and Class A absorption projected to remain strong in light of the increased cost of home-ownership and Houston’s consistent population growth.”