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FL Investor Makes First Beaumont Apartment Deal

NKF arranged the sale and financing of The Preserve at Old Dowlen, a 304-unit, Class A apartment property in Beaumont. The firm’s Brad Shaffer and Brandon Miller represented Houston-based Venterra Realty in the sale to Miami-based LPI Holdings. Pricing wasn’t disclosed.

“LPI Holdings chose this property due to the strong historical occupancy and in-place yield,” said Shaffer. “They also recognized the fact that the Beaumont market is fundamentally sound and has had very little new supply delivered in the past five years.”

He added, “LPI was able to secure high leverage agency debt with four years of interest only, further increasing going-in returns.” This was LPI’s first multifamily acquisition in the Beaumont market.

NKF’s Purvesh Gosalia worked on behalf of LPI to secure a 12-year, fixed rate acquisition loan from Fannie Mae. The property was 93% occupied at the time of sale.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).