Cardone Capital Adds to Existing 800 Units in Houston
The Heights Collection, two residential properties with a combined total of 646 units in the historic Houston Heights neighborhood, recently sold to Discovery Channel’s Grant Cardone, CEO of Aventura, FL-based Cardone Capital. The price was undisclosed.
Chris Curry, Todd Marix, Jeffrey Skipworth, Joey Rippel and Chris Young of Berkadia Houston represented the seller, Alliance Residential Company. Mitch Sinberg and Matt Robbins of Berkadia Boca Raton along with Brad Williamson of Berkadia Miami secured acquisition financing on behalf of Cardone.
“The Heights Collection offered Cardone Capital a unique opportunity to add two brand new multifamily assets, consisting of 646 units both purchased below-replacement cost, to their already existing 800 units in Houston,” said Curry. “Because these two properties stand apart from their peers in terms of location and overall quality, the new ownership has an opportunity to create value in a market that is on the upswing with the return of renters to the urban core.”
Located at 1414 North Shepherd Dr., the 337-unit eight-story 15th Street Flats was completed in 2021 and offers one- and two-bedroom units ranging from 638 to 1,273 square feet. Located at 515 West 20th St., the eight-story Heights Waterworks was completed in 2020 and offers 309 units of one- and two-bedrooms ranging from 600 to 1,265 square feet.
Cincinnati-based Eagle Realty Group, on behalf of Western & Southern Financial Group, originated the loan. Berkadia Institutional Solutions, powered by Moran, arranged the sale and financing of the properties.