Bolour completes $9.62 million value-add multifamily acquisition in Humble, TX

Northeast Pines apartments
  18839 South Memorial Drive
 Humble, TX

  

Humble, TX –— California-based Bolour Associates Inc. (BOLOUR), a privately-owned real estate investment, development and finance company, has acquired the Northeast Pines apartment community in Humble, Texas for $9.62 million.

 

The company will invest more than $1 million in renovations at the property, including interior, exterior and common area upgrades to attract a rapidly growing local renter base.

Mark Bolour

 

Robert Su of Su Real Estate Group represented the property seller, a private investor, in the transaction

 

Located at 18839 S. Memorial Dr., Northeast Pines totals 136 units across 12 buildings in the Lake Houston area of metro Houston. It is visible from the Interstate 69 Eastex Freeway and is a 20-minute drive from downtown Houston.

 

“Houston is expanding rapidly, and the City of Humble is a prime beneficiary of that growth, thanks to its low cost of living and a local population where almost one half of the residents are renters,” said BOLOUR CEO Mark Bolour.

Robert Su

“There is a lot of demand in this pocket of Texas and we expect that demand to remain high. 

"At Northeast Pines, we will leverage our experienced property management and renovation teams to create a new, high-quality living experience for the residents of the area.”

 

BOLOUR will renovate all Northeast Pines units with open concept kitchens, new countertops, refaced cabinetry, modern energy efficient appliances, re-tiled bathrooms and wood flooring.

 

 To discuss, please contact BOLOUR Acquisitions Manager Kevin Saghian at 323.677.0550.

 

  

CONTACT:

 

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Member of the National Association of Real Estate Editors (NAREE)

“PR Strategist for the Commercial Real Estate Industry:  I do what I love and love what I do.”

 

BolourAssociates.com.

 

MC Companies Purchases 648 Units with Fully Funded Katy 2 Opportunity Fund LP in Katy, TX

 

Ken McElroy

KATY, TX – Bolstered by historic multifamily market performance, MC Companies has fully funded its Katy 2 Opportunity Fund LP and completed the acquisition of two adjacent multifamily investment properties totaling 648 units in Katy, Texas.

MC Companies will combine and rebrand the properties as The Place at Barker Cypress, following the company’s proven value-add investment strategy and continuing the renovation program begun by the previous owners.

The acquisition was made possible by an equity portion from MC Companies and its investors, and financed with a loan provided by MF1 Capital.

Ross McCallister 

The transaction includes the 384-unit, garden-style Enclave at Cypress Park apartments and the 264-unit, garden-style Paramount Apartments.

The properties are situated adjacent to one another along the Barker Cypress thoroughfare, just north of Interstate 10 and approximately 20 miles west of downtown Houston, near the Energy Corridor.

“Closing this transaction speaks to our success and growth over the last 20 years,” said MC Companies CEO and Co-Founder Ken McElroy. 

“We appreciate this opportunity and are eager to close more deals of this caliber, as we pursue our goal of 25,000 units under ownership.”

CBRE arranged the asset sale and the acquisition financing for the MC Companies deal.

Capital Markets Senior Vice Presidents Clint Duncan and Matt Phillips represented the sellers. Vice Chairman of Debt and Structured Finance Michael Thompson arranged the acquisition financing on behalf of MC Companies.

“MC Companies provided certainty of closing in a very competitive environment, and they performed flawlessly,” said Phillips.

At The Place at Barker Cypress, MC Companies has the opportunity to add value to 328 of the 648 units through upgrades and renovations, as well as complete common area upgrades.

MC Companies founders Ken McElroy and Ross McCallister have been leaders in the multifamily investment industry for over 30 years. The company continues to actively pursue new land for development and existing properties for value-add investment.

 

About MC Companies

 

Clint Duncan

MC Companies is a real estate investment, development, construction and management company specializing in multifamily properties and commercial markets.

Since 2001, MC Companies has transacted on approximately $3.8 billion in multifamily assets.

 

 It currently owns and operates more than 6,500 units in markets

 including Houston, Dallas, San Antonio, Phoenix, Tucson, Flagstaff and Tulsa, operating under a mission of “Sharing the Good Life” with investors, residents and MC Companies employees.

Matt Phillips 

For more information,  please visit www.mccompanies.com.

 

Michael Thompson

CONTACT:

Stacey Hershauer

stacey@focusaz.com

480.600.0195