A joint venture between Capital Sunsail and Zane CRE acquired Sarah in Lake Houston, a 350-unit community in the Humble submarket of Houston, Texas. According to data from Yardi Matrix, the garden-style property which was completed last year was sold by GenCap Partners for $77.7 million.
The three-story, 11-building property is frame-built and sits on a 17.3-acre parcel, which equates to 20.2 units per acre. One-, two-, and three-bedroom units, as well as two-bedroom townhouses, offer washers and dryers, higher-than-standard ceiling heights, microwaves, private balconies and patios, and digital locks. An executive business and conference center is part of the common area amenities.
Humble, Texas is the fastest growing submarket in all of MSA Houston, which itself is one of the fastest growing markets in the country.
Sarah at Lake Houston is located less than 10 minutes from the planned Generation Park retail development. The development is anchored by Fortune 500 company TechnipFMC, providing more than 2,000 high-tech jobs.
Additionally, the apartment community is only 30 minutes from Houston’s central business district, home to 158,000 jobs. Other major employment centers located nearby are the Texas Medical Center with 106,000 employees, the Uptown/Galleria area with 84,000 employees, and the Port of Houston with 67,000 jobs.
Newmark‘s Zack Springer brokered the deal, while his Newmark colleague Purvesh Gosalia structured the financing for the transaction. In a prepared statement, Sunsail Capital and ZaneCRE officials observed that the property’s high-income resident base and prime location, along with jobs and population growth in the Lone Star State, leave the property well positioned to seize rental growth opportunities. Earlier this week, Capstone hosted a sale of a pair of MHCs in the Houston area.