Buchanan Capital Picks Up 264-Unit Houston Apartment Community

Buchanan Capital Partners has acquired the 264-unit Crenshaw Grand Apartments in suburban Houston from MLG Capital. The property, originally developed in 2016, has an average unit size of 840 square feet and is 91.3 percent occupied. The community straddles the Pasadena and Clear Lake submarkets in greater Houston.

Commercial Edge reports Buchanan assumed the outstanding balance of a $23.1 million 2018 Freddie Mac CMBS loan associated with the property. The same publication also said Buchanan Partners founder Keith Buchanan said the purchase was made at a 25% discount to replacement cost. In 2018, MLG Capital bought the property from the Michaels Organization for an estimated $30.8 million.

Common amenities include a fitness center, clubhouse, swimming pool, covered parking, and detached garages.

Buchanan has also started work on two ground-up apartment developments: one in Texas and the other in Colorado. With Alliance Residential Co., the company is developing a 390-unit apartment community in New Braunfels.