Croatan Investments acquired Addicks Stone Village Townhomes, a stabilized 70-unit townhome rental community located in Houston, TX. The acquisition was facilitated with a 10-year Fannie Mae note with a 2.93 percent fixed rate.
“We’re excited to re-enter the Texas market with an investment that represents a value-add opportunity with notable economic upside and the build-to-rent, or BTR, configuration provides a strong differentiating factor in meeting market demand,” said Paul Van, Chief Executive Officer.
The asset is conveniently located in West Houston with excellent accessibility to the metro’s major employment centers including Texas Medical Center – the 8th largest business district in the nation – and the area’s Energy Corridor that headquarters some of the world’s leading energy corporations, as well as engineering, chemical, and financial services. The property’s spacious townhomes offer both three- and four-bedroom floorplans ranging in size from 2,000 to 2,500 square feet. Each unit has a two-car garage and modern finishes throughout. Croatan intends to invest $1.3M in capital expenditures to upgrade unit interiors and amenities for the community.