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.
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. “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.
BOLOUR will also re-paint and re-landscape the entire community, update signage and upgrade common spaces with an outdoor barbeque area and modernized leasing and community spaces. Renovations will take place over the next 24 months.
Built in 1980, Northeast Pines is a controlled-access community offering one- and two-bedroom homes ranging from 420 to 970 square feet. Common areas include a clubhouse and pool. Unit amenities include private patios, washer/dryer connections and walk-in closets.
Northeast Pines sits within a nationally recognized school district, near Deerbrook Mall and the new 4,000-acre Generation Park mixed-use development and corporate employment magnet. It is minutes from George Bush Intercontinental Airport (IAH), Memorial Herman Northeast Hospital, Humble Civic Center and Shott Park.
Roberts Su of Su Real Estate Group represented the property seller, a private investor, in the transaction.
BOLOUR has been active in the Houston market for over 10 years. It currently owns and manages approximately 1,500 multifamily units in the area and has executed numerous local property renovations.