Equus buys Texas apartment community for $58.25m

Equus Capital Partners has acquired Humble, Texas-based The Parkway on Westlake, a garden-style apartment community.

Equus Capital Partners has acquired Humble, Texas-based The Parkway on Westlake, a garden-style apartment community. The purchase price is $58.25 million.

PRESS RELEASE

Equus Capital Partners, Ltd. (“Equus”), one of the nation’s leading real estate investment managers, announced today that an affiliate has acquired The Parkway on Westlake, a 93% occupied, 320-unit Class A garden-style apartment community located in Humble, TX, part of the Greater Houston MSA, for $53,250,000. The acquisition was made on behalf of Equus Investment Partnership XI, L.P. (“Fund XI”), a fully discretionary $387.8 million equity fund managed by Equus.

Built in 2018, The Parkway on Westlake is located at the intersection of Lake Houston Parkway and Madera Run Parkway and offers a mix of one-, two-, and three-bedroom units. The property contains twelve 2 and 3 story garden-style residential buildings across a spacious 18-acre site. Residents access their units via breezeway corridors and private unit entrances. The expansive clubhouse area is centrally located and features a resident kitchen, coffee lounge, library, and social room with billiard table, 24-hour fitness center with a Spin/Yoga/Pilates studio featuring a WellBeats system, golf simulator, and business library. Outdoor amenities include an infinity edge style pool with beach entry and heated spa, poolside covered patio, grilling stations and lakeside fire-pits, ping pong tables, a dog park, walking trails, and a 2-acre bass stocked fishing lake.

All apartment units have 9’ ceilings. Interior unit finishes include gourmet kitchens with stainless steel appliances, granite countertops with subway tile backsplash and 42” cabinetry. Other features include full-size washers and dryers, dual-paned energy efficient windows, wood style flooring in kitchen, living and bath areas, carpet in bedrooms, large walk-in closets with custom shelving, and access to spacious private patio or balcony.

The Parkway on Westlake is located five miles from Generation Park, a 4,200-acre master planned commercial development at the center of the Lake Houston community. Anchored by Fortune 500 company TechnipFMC, Generation Park is positioned to become a premier business destination that at full build out will house 1.5 million square feet of commercial space along with 550,000 square feet of top retail amenities. In addition to its convenient proximity to Generation Park, The Parkway on Westlake is located within the fast-growing Humble market that has benefited from infrastructure improvements which is driving impressive local rental demand. Residents in this area can conveniently travel to top employers in the Houston MSA and maintain a high quality of life.

“One of the firm’s goals was to expand our Texas residential portfolio following our recent apartment acquisition in McKinney in 2020. Through the acquisition of Parkway on Westlake, we are adding a high-quality asset in a top-notch location that is set to experience tremendous rental demand for the foreseeable future,” commented Peter Naccarato, Acquisitions Manager, who alongside Andrew Peabody, Acquisitions Manager, and Alex Keszeli, Financial Analyst, oversaw the transaction for the firm. “By acquiring this high-quality asset with exceptional amenities, our team can focus on leasing and operational value initiatives as we kick off our business plan.”

Madison Apartment Group, L.P. (“Madison”), the multi-family operating arm of Equus, will manage the community.

About Equus Capital Partners, Ltd.
Equus Capital Partners is one of the nation’s leading real estate investment managers. Equus’ diversified portfolio consists of office, multi-family, and industrial properties located throughout the United States. The firm is headquartered in the Philadelphia area with regional offices in Chicago, Los Angeles, Washington D.C., Atlanta, Raleigh-Durham, and South Florida. For additional information, please visit the company’s website at www.equuspartners.com.