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Texas  + Houston-Galveston  + Apartments  | 
297-unit Elan Memorial Park sells to ORP,DLP

DLP, ORP Jointly Acquire Houston Apartment Asset

DLP Capital has purchased a Houston-area multifamily property, Elan Memorial Park, in partnership with ORP Investments Inc. The mixed-use property, with 297 residential units and a handful of retail spaces is located near Memorial Park. The nine-story property, which is 92% occupied, was built in 2016.

The property boasts a top-floor sky lounge, an outdoor fire pit and grilling area, a courtyard pool with coffee bar, fitness center, bike storage and repair station, and indoor dog spa. Most units have either a private backyard, patio, or balcony. There is 17,000 square feet of retail spaces on the ground floor that include dining options and other specialty shops.

DLP Capital and ORP Investments plan light renovations, including exterior painting, siding updates, and landscaping improvements. The property is currently at 92% occupancy.

Raj Sarangam of ORP Investments added, “We’re combining DLP Capital’s national financial strength with our boots-on-the-ground local market expertise for a solid combination that we believe will lead to collective, long-term success.”

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Raj Sarangam

About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

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