A joint venture between Sunsail Capital and ZaneCRE has acquired Sarah at Lake Houston, a 350-unit community in Houston’s submarket of Humble, Texas. According to Yardi Matrix data, the garden-style property that was completed last year was sold by GenCap Partners for $77.7 million.
The three-story, 11-building property is built of frame construction and is set upon a 17.3-acre parcel, equating to 20.2 units per acre. One-, two- and three-bedroom units, along with two-bedroom townhouses, offer in-unit washers and dryers, above-standard ceiling heights, microwave ovens, private balconies and patios and digital locks. An executive business and conference center is among the common-area amenities.
Humble, Texas is the fastest-growing submarket in the entire Houston MSA, which itself is among the hottest growth markets in the country.
Sarah at Lake Houston is situated less than 10 minutes away from the master-planned commercial development Generation Park. The development is anchored by Fortune 500 company TechnipFMC, offering more than 2,000 high-tech employment positions.
As well, the apartment community is no more than 30 minutes from Houston’s central business district, home to 158,000 jobs. Other major job centers within a convenient commute are Texas Medical Center with 106,000 employees, the Uptown/Galleria area with 84,000 employees and the Port of Houston, serving up 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 the property’s high-income resident base and excellent location, along with jobs and population growth across the Lone Star State, leave the property well-positioned to seize on opportunity for rent growth. Earlier this week, Capstone arranged the sale of a pair of Houston-area MHCs.