LOS ANGELES, CA - SCI Real Estate Investments, LLC has announced the acquisition of Kings Cove, a 192-unit luxury apartment home community in Kingwood, Texas, from Houston-based developer, Dinerstein Companies for tenant in common investing. Kings Cove serves as an example of SCI's smart investment strategy of purchasing institutional-quality apartment communities in growing metropolitan areas, such as Houston and Dallas. Future acquisitions of Class-A multifamily properties throughout the country are planned as SCI continues to expand its nationwide portfolio, which also includes retail shopping centers and student housing properties.
"The Houston-area apartment market continues to see solid demand, driven by continued local job growth and by tighter credit standards that keep renters from becoming homeowners," said Scott Derrick, SCI's Chief Investment Officer, who represented SCI along with Bill Rose, vice president of national multifamily and student housing.
Located about 25 miles north of Houston in Kingwood, Texas, Kings Cove is a Class-A luxury apartment community located on the northeast corner of Lake Houston. The Property is a part of Kingwood, one of Houston's leading master planned communities originally developed as a series of "villages" consisting of neighborhood shopping centers, ClassaEURA office space and outdoor recreational venues.
SCI is an active principal and one of the nation's largest tenant-in-common (TIC) sponsors. SCI specializes in buying Class-A commercial properties. Over the past year, SCI has added nearly four million square feet to its nationwide portfolio, now valued at over $1.8 Billion. SCI works exclusively through licensed professionals to offer co-ownership interests and 1031 exchange replacement properties to accredited buyers. SCI was founded in 1994 and is headquartered in Los Angeles, California.
Source: SCI Real Estate Investments