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Joint Venture Acquires Humble, Texas Rental Community
Sunsail Capital and ZaneCRE have acquired Sarah at Lake Houston, a 350-unit multifamily community in the Houston suburb of Humble. The sales price for the year-old property was reported by Yardi Matrix to be $77.8 million. GenCap Partners was the seller.
The three-story, 11-building property is on 17.3 acres less than a mile from Lake Houston. The developer offers the standard one, two and three-bedroom units as well a two bedroom townhouse with private patios and balconies. In a joint release, Sunsail and ZaneCRE remain optimistic in spite of changing economic conditions, “We continue to see strong growth across the state of Texas, led by jobs and population growth and a diverse mix of economic and quality of life benefits for residents throughout the area.”
Newmark’s Zack Springer brokered the deal. Newmarks’ Purvesh Gosalia structured the financing.
- ◦Sale/Acquisition
