Starboard Realty Advisors has bought Arden Woods, a 308-unit community in the Houston suburb of Spring, Texas. USA Infrastructure Investments sold the Class A asset after only two years of ownership, according to Yardi Matrix data. Key Bank originated a 10-year, $26.3 million Freddie Mac loan for the acquisition, public records show. Cushman & Wakefield worked on behalf of the seller.
The purchase brought Starboard Realty’s portfolio to some 1,300 units across several markets. Arden Woods was a good investment for the company due to the area’s expected 16.8 percent population growth by 2026, CEO Bill Winn mentioned in prepared remarks.
The Houston multifamily market relies on strong fundamentals. The metro registered an 11.7 percent annual rent increase as of March and 4.8 percent job growth in 2021, according to a recent Yardi Matrix report.
A Class A Houston community
Completed in 2015, the property comprises 15 buildings with one-, two- and three-bedroom apartments, varying from 590 to 1,428 square feet with stainless-steel appliances, granite countertops and in-unit laundry facilities. Community amenities include a swimming pool, barbecue grill, dog park and fitness center.
Located at 24530 Gosling Road, the community is some 9 miles from downtown Spring, next to several dining and retail options. Interstate 45 is 7 miles from the property, connecting it to Houston and major employment hubs.
Cushman & Wakefield Senior Directors John Carr and Ben Fuller, alongside Senior Financial Analyst Tonya Chaffin, brokered the transaction on behalf of USA Infrastructure Investments. Carr and Fuller were also instrumental in the sale of a 266-unit community north of Austin in December.