Chicago-Based 29th Street Invests Preferred Equity into Texas Multifamily

29th Street Finance has completed a $4.5 million preferred equity investment at Milo on Westheimer, a 230-unit multifamily property in Houston, Texas.

This preferred equity investment is subordinate to a Freddie Mac senior loan secured by the sponsor, Brem Group. Located just minutes from the Energy Corridor and Westchase District, Milo on Westheimer offers one- and two-bedroom apartments along with amenities including a resort-style pool, fitness studio, clubhouse with coffee bar, business center, and pet-friendly spaces.

“Milo on Westheimer is well-positioned in a high-demand submarket with strong fundamentals and rent growth potential,” said Matt Compton, VP at 29th Street. “Our ability to move quickly and support the property through our in-house management team underscores the strategic value we bring as a preferred equity provider.” Headquartered in Chicago, 29th Street is a privately held investment management firm focused on multifamily real estate and proptech.