Kalkan Capital has acquired two Houston properties with a combined 1,062 units in separate transactions. The firm bought Palms on Westheimer from VC PalmsWestheimer LLC, and Kalkan and Market Space Capital purchased Huntington at Stonefield from Huntington Owner LLC and Huntington TIC II Owner LLC. DLP Capital provided a $74 million loan for the purchases.
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The 25-building, 798-unit Palms on Westheimer, located at 6425 Westheimer Road, offers studio, one- and two-bedroom units, averaging 759 square feet. Constructed in 1974, unit amenities at the gated community include above-standard ceiling heights, private balconies/patios, private entry, washer/dryer in some of the units, washer/dryer hookups in some of the units and five laundry rooms. Resident amenities include a fitness center, a business center with Wi-Fi café, a theater room, a clubhouse, a sand volleyball court, five swimming pools, a spa, five laundry facilities and a convenience store.
The 25-building, 264-unit Huntington at Stonefield, located at 13100 Stonefield Drive, offers one- and two-bedroom units, averaging 784 square feet. Constructed in 1984, unit amenities include semi-private entry, vaulted ceilings, private balcony/patio in select units and fireplaces in two-bedroom units. Resident amenities include a fitness center, a playground, a clubhouse, a swimming pool, laundry facilities and covered parking.
Kalkan works closely with city, state and federal officials and charities to revitalize communities by investing in residential assets in crime- and gang-infested neighborhoods. The firm rejuvenates communities by rebuilding the relationship between residents and law enforcement, restoring interrupted services from vendors, removing criminal elements and providing quality service.
“Working with Kalkan Capital is more than just closing a real estate transaction. Both DLP Capital and Kalkan Capital care about making an impact on the communities in which we operate. Our missions to provide affordable housing to working families in America align. Dr. Furkan Kalkan is an esteemed participant in DLP’s Elite Impact membership, and his passion and drive are inspiring to all the members of this real estate operator community,” Scott Meyers, DLP’s president of funding, told Multi-Housing News.
In the past year, DLP has provided around $150 million in financing to Kalkan for the acquisition of residential properties in Houston. Kalkan is a member of DLP Elite Impact Housing, which offers capital to organizations to scale, along with other benefits to promote empowerment and growth.
The Houston area has 130 multifamily assets with a total of 35,034 units, with another 22 properties under construction that will add 6,137 units to the city’s inventory, according to Yardi Matrix. Developers are planning seven properties with 1,366 units and they have as many as 49 prospective residential projects with 9,556 units in the works.