Tara Secures $55M Loan for Houston Apartment Sale, Upgrade

Tara Capital obtained a $55.5 million loan from Bridgeinvest to support the acquisition and renovation of Park on Voss, a multifamily project in Houston. Tara acquired the property for $63 million, with total project costs estimated at $82.1 million. Upon completion of renovations and stabilization efforts, the intention is to refinance the BridgeInvest loan with permanent debt, securing a long-term investment approach.

Park on Voss, to be renamed Star Voss, boasts 810 residences, with plans to renovate 610 units comprehensively and upgrade the remaining 200 units that have already undergone a recent renovation, then align with market rents and ensure overall property stabilization. The company says the apartment is a B-class property in an A location.

Situated at 2424 S. Voss Road in Houston’s Westchase submarket, Star Voss is 610,950 square feet and is between Westheimer and San Felipe Roads. It is close to the Galleria market.

Tara Capital says it is focused on acquiring and repositioning underperforming B and C-class multifamily assets.