Well-Located Houston Multifamily Portfolio Nabs $100M in Acquisition Financing

Acquisition financing of $100.25 million was recently obtained for a portfolio of four multifamily properties in Houston. The four multifamily communities total 1,330 units and are all located within the well-occupied Westchase submarket, with access to several of Houston’s major employment centers including the Westchase District and Galleria.

CBRE’s Derek Fasulo and Frances Rogers with CBRE’s capital markets debt and structured finance team in Houston arranged the financing on behalf of a joint venture, Westchase Houston LLC. CBRE secured a five-year floating-rate loan with 60 months of interest-only through a non-recourse bridge lender.

“The fundamentals for these properties and the strength of the multifamily market in Houston, combined with best-in-class sponsorship, resulted in a very favorable outcome,” says Fasulo.

According to CBRE’s 2021 Global Investor Intentions Survey, multifamily/residential was the second most preferred property sector for 2021 investment in the Americas, with 29 percent of investors expressing a preference. Despite a tumultuous 2020, a degree of investor optimism has returned as 60 percent of investors expect to step up purchasing activity in 2021.