HOUSTON, TX - Leading commercial real estate firms Sunrise Capital, Zane Holdings, and Goodegg Investments, announced the joint acquisition of Royal Spring located in Spring, Texas. The teams are led by David Davidenko and Julia Bykhovskaia at Sunrise Capital, Iqbal (Ike) Mutabanna and Dustin Howard at Zane Holdings, and Julie Lam and Annie Dickerson at Goodegg Investments.
The investment leads commented: "We are proud to add Royal Spring to our portfolio in Texas. We continue to see strong performance across the state of Texas, including the Houston market – led by population growth, a diverse mix of economic and employment opportunities, and superior quality of life for residents throughout the area."
"With demand outpacing supply in this market," they continued, "we have the opportunity through a proven lease-up strategy to optimize the asset and provide quality living in this burgeoning Houston submarket."
Royal Spring is a newly built 351-unit institutional-quality apartment complex with its final building delivered in May 2021. It is located in the diverse Spring market within a short distance of the soon-to-be Global Headquarters of Hewlett Packard Enterprise and a part of the rapid growth of the northern and western parts of the Houston-The Woodlands-Sugarland MSA.
Royal Spring provides residents with a range of top-of-the-line amenities, including a resort-inspired pool, clubhouse and resident lounge, state-of-the-art fitness facility, outdoor yoga space, high-speed Wi-Fi in all common areas, dog park, bicycle storage, and secure garage parking. Interior amenities include granite countertops, 9-foot ceilings, custom hardwood cabinets, stainless steel appliances, and wood-vinyl plank flooring. The average unit size of 1,007 square feet is significantly larger than average for the area. Royal Spring is located in the Klein Independent School District, recognized as one of the best in the state.
This is the 23rd asset across multiple Texas markets to be added to the collective portfolio for Sunrise Capital, Zane Holdings and Goodegg Investments. Together, this team owns and operates over 7,500 multifamily units worth over $800M across Texas and the Southeast and is uniquely positioned to lead the optimization and growth of this property.