Marcus & Millichap brokers sale and secures financing for West Houston multifamily asset

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Territory at Greenhouse
Marcus & Millichap announced the sale and acquisition financing of Territory at Greenhouse, a 288-unit luxury apartment complex in Houston, Texas

Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale and acquisition financing of Territory at Greenhouse, a 288-unit luxury apartment complex in Houston, Texas developed by Dhanani Private Equity Group in 2019.

“The leadership and asset visualization of the Dhanani Private Equity Group, combined with an outstanding execution in construction and lease-up by Allied Orion made this a great opportunity for all interested participants,” said Gregory Austin, senior managing director investments in Marcus & Millichap’s Houston office. “The exceptional level of attention to detail with Territory at Greenhouse’s construction contributed to a dynamic lease-up performance that at times exceeded 30 units per month despite the COVID-19 pandemic,” added Travis Austin senior associate with Marcus & Millichap. Gregory and Travis, in conjunction with Jennifer Campbell and Jaleel Adatia of Marcus & Millichap’s Institutional Property Advisors division, represented the seller, Mayde Creek Apartments LLC and procured the buyer, Civitas Capital Management II LLC.

Civitas Capital Group is a professional investment firm serving global investors with Rootvik Patel as investments director and Chandler Kyser as senior associate, investments. Nick Dhanani, CEO of Dhanani Private Equity Group contributed his expertise as part of the selling entity. Brandon Brown, Jamie Mullin, Ralph Rader, Todd McNeill, and Sunny Sajnani of Marcus & Millichap Capital Corporation arranged the financing. The transaction occurred on July 28, 2021.

“We enjoyed working with Marcus & Millichap throughout the sale process of this Class A multifamily asset, which provided our investors with a 1.7x return on investment and 30% internal rate of return,” said Dhanani.

“This was our first project with Dhanani Private Equity Group, and we look forward to building a long-term partnership and working together on both management and construction on future projects,” said Ricardo Rivas, chief executive officer of Allied Orion Group.

Located in West Houston’s Energy Corridor, Territory at Greenhouse is less than five minutes from Interstate 10, Beltway 8, and Grand Parkway. Nearby national and regional employers include Wood Group, BP America, Shell Oil Company, ConocoPhillips, Gulf States Toyota, PCL Industrial Construction Co., Citgo, Memorial Hermann Health System, Chase Bank, and Houston Methodist Hospital. The asset is a 13-building, garden-style property with an outdoor amphitheater and a resort-style pool. The property’s one-, two- and three-bedroom apartments have engineered wood flooring, in-unit washers and dryers and private balconies.