Electra Capital, a boutique lender specializing in flexible, short-term multifamily financing solutions, has closed on a $6.2 million participating preferred equity investment in the Cypress Station Portfolio, two multifamily communities located in Houston, Texas with a total of 488 units. Strategic Realty Holdings, a Calabasas-based privately held real estate investment firm, acquired the garden-style apartment communities for $34.3 million.
The properties in the portfolio are the 252-unit Cypress Ridge Apartments, located at 2331 Bammelwood Drive and the 236-unit Highland Cross Apartments, located at 411 Highland Cross Drive.
“Houston is enjoying strong job growth, and likewise apartment demand, on account of the diversification of its employment sector and in-migration from other states,” said Samuel J. Greenblatt, CEO of Electra Capital. “What was once a predominantly oil and gas town has turned into a tech hub with over 500 digital technology companies as well as a strong aviation/aerospace sector.”
Eddie Lorin of Strategic Realty Holdings added, “We are thrilled to have been able to find this deal and transact off market. As we always say, good deals are made not found and this provides a great opportunity for us to take ‘blight and make light’ and create value for our colleagues, partners and most important our residents.”
Built in 1980, Cypress Ridge Apartments features one- and two-bedroom units ranging from 599 to 957 square feet. Community amenities include a swimming pool, clubhouse fitness center, and on-site laundry facilities. Built in 1980, Highland Cross Apartments also has one- and two-bedroom units ranging from 685 to 1,140 square feet, and similar amenities. Both communities are located in North Houston, near abundant shopping and fine dining options, and just 20 minutes from Houston’s vibrant downtown area.