Waterton, a U.S. real estate investor and operator, today announced it has acquired Carrington at Barker Cypress, a 330-unit rental community at 7202 Barker Cypress Road in Cypress, Texas – approximately 25 miles northwest of downtown Houston.
Built in 2007, Carrington at Barker Cypress offers a mix of one-, two- and three-bedroom townhome-style apartments ranging in size from 830 to 1,567 square feet. Select units feature attached garages with individual driveways and private entries. Shared amenities include a resort-style pool with sun deck, poolside grilling area, car care center and clubhouse featuring a fitness center and yoga studio, game/billiard room and fully equipped business center.
“Houston as a whole has seen a decline in multifamily supply, which has made investing in the area particularly compelling,” said Matt Masinter, senior vice president of acquisitions at Waterton. “Waterton intends to renovate all of the units to a modern finish level – installing stainless steel appliances, granite countertops, new cabinet fronts and tile backsplashes.”
In addition to offering convenient access to nearby shops, restaurants and entertainment venues, the apartment community is adjacent to Langham Creek High School and Holmsley Elementary School. It also offers easy access to Houston’s major employment centers in the energy corridor, along Route 290 and in the northwest industrial submarket.
Carrington at Barker Cypress marks Waterton’s first multifamily acquisition in 2018. The firm owns and manages two other rental communities in the Houston area totaling nearly 570 units.
About Waterton
Waterton is a real estate investor and operator with a focus on U.S. multifamily and hospitality properties. Founded in 1995, Waterton executes value-add strategies and manages a national portfolio of multifamily and hospitality properties on behalf of institutional investors, family offices and financial institutions. Waterton is privately held and is headquartered in Chicago with regional teams throughout the United States. As of Sept. 30, 2017, Waterton’s portfolio includes approximately $3.4 billion in real estate assets, including 38 multifamily investments totaling approximately 12,600 units and 10 hotels with more than 2,700 rooms.
