HOUSTON, TX - The joint venture partnership of L5 Investments and BH Equities has sold Huntington Glen Apartments, a 364-unit multifamily property located at 12023 Bissonnet Street in Houston, TX. The partnership acquired the asset in 2015 and embarked on a strategic improvement campaign to add significant value. The buyer is GVA Real Estate Group.
“Our partnership completed a strategic value-add capital program immediately after acquiring the asset which included addressing deferred maintenance issues, interior unit upgrades, enhancing landscaping and overall aesthetics, and updating community amenities,” said Michael Flaherty, founder and managing partner of L5 Investments. “Ultimately, we improved management and operational systems and created an attractive, cash-flowing asset in the thriving Houston market.”
Flaherty added, “We felt now was the ideal time to sell and provide strong returns to our investors. We believe the new ownership will also capture value in a market that continues to grow in population as the local job market and economy expands at an impressive rate.”
Built in 1982, Huntington Glen is situated on just under 10 acres and includes six two-story buildings, 11 three-story buildings, two laundry buildings and one office/clubhouse. The property features gated access, a business center, custom accent walls, children’s playground and two swimming pools. Unit features include walk-in closets, kitchen pantries, ceiling fans, laundry facilities, patios and balconies.
Huntington Glen Apartments is located at the intersection of Bissonnet Street and Keegan Road. Bissonnet Street is an east-west thoroughfare in Houston. The property is within walking distance to retail, restaurant and grocery stores that provide easy accessibility and convenience to the tenant base. Huntington Glen is also located approximately three miles from the Galleria/Uptown District (Houston's premier retail and office region), four miles from Sugarland (a well-known technology and health care hub), five miles from the Energy Corridor and eight miles from downtown Houston.
Houston is the fourth most populous city in the nation (trailing New York, Los Angeles and Chicago), and is the largest in the southern U.S. and Texas. Houston is among the fastest-growing metropolitan areas in the United States. The area grew 25.2 percent between the 1990 and 2000 censuses—adding more than 950,000 people—while the nation's population increased 13.2 percent over the same period. From 2000 to 2007, the area grew by 912,994 people. From 2000 to 2030, the metropolitan area is projected by Woods & Poole Economics to rank fifth in the nation in population growth—adding 2.66 million people.
Director Joey Rippel and Chris Young and analyst Connor Phillips of Holliday Fenoglio Fowler, L.P. (HFF) represented the L5/BH Equities joint venture in the sale.
About L5 Investments: Founded in 2009, L5 Real Estate Investments, LLC (DBA L5 Investments) is a privately held investment firm focused on value-add, income-producing multifamily properties in emerging U.S. markets. The firm currently has in excess of $375 million of assets totaling 4,100 units under management in seven states. The company targets opportunities that provide high-yield, passive cash flow and long-term capital appreciation for its investors through strategic acquisition, renovation, and superior asset management. L5 and its partners continue to capitalize on opportunities to own multifamily properties in premier locations. These properties generate attractive short-term income and long-term wealth potential. L5’s success and reputation has been built on its track record, conservatism, passion, attention to detail and the belief that trust starts and ends with honesty and integrity. L5 is based in El Dorado Hills, CA.
About BH Equities and BH Management Services: BH Companies are committed to creating value by acquiring, improving and managing apartment communities with the goal of maximizing asset value for their partners. Their success in this endeavor is evidenced by their growth from a start-up firm in 1993 to one of the largest multi-family owners and management companies in the nation. BH Companies is comprised of three divisions including BH Equities, BH Management Services and BH Construction Services. With more than 80,000 units under management in 21 states, BH Management Services, LLC ranked 9th on the National Multifamily Housing Council’s Top 50 Management Companies for 2018, while BH Equities ranked 17th on the NMHC’s Top 50 Owners. For more information, visit www.BHManagement.com.