Source: Sunsail Capital / ZaneCRE
HOUSTON, TX - New York-based Sunsail Capital and Dallas-based ZaneCRE announced the joint acquisition of Sarah at Lake Houston, a garden-style community located in Humble, Texas, a premier submarket within the Houston MSA. The teams are led by Julia Bykhovskaia at Sunsail Capital, and Iqbal (Ike) Mutabanna and Dustin Howard at ZaneCRE.
The Sarah at Lake Houston is a 350-unit, 2020 construction, Class A+ multifamily community located in the fastest growing submarket within the Houston MSA. The property features unique lakeside living and an exceptional amenities package highlighted by a resort style pool, biergarten, multi-sport simulator, state-of-the-art athletic center, executive business and conference center, and dog park, along with luxurious interior finishes.
The investment leads commented: "We believe in the strength and stability of the Houston metro market and it's long term growth potential. We are proud to add Sarah at Lake Houston to our real estate portfolio in TX. This property is in a strong position due to its stable, high-income tenant base and superb location. 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."
The property is located less than 10 minutes away from Generation Park, a master planned commercial development anchored by Fortune 500 company TechnipFMC (2,000+ high tech jobs) and just 30 minutes from downtown Houston (158k+ jobs), The Texas Medical Center (106K employees and Uptown/Galleria (84K employees), and the Port of Houston (67K employees).
Zack Springer of Newmark brokered the transaction. Purvesh Gosalia, also of Newmark, structured the financing for the deal.