DLP Capital, a private real estate investment and financial services firm, announced that it has purchased a Houston-area multifamily property, Elan Memorial Park, in partnership with Texas-based ORP Investments Inc. The mixed-use property, with 297 residential units and premium retail spaces, is located in the Neartown-River Oaks submarket of Houston, a highly desirable live-work-play environment just four miles from downtown Houston and near to Texas Medical Center. The Houston metropolitan area, the fifth largest in the U.S., experienced its best employment growth on record in 2021, adding nearly 160,000 jobs, according to the U.S. Bureau of Labor Statistics. Elan Memorial Park will be a vibrant addition to DLP /Capital’s investment portfolio in the region, providing further economies of scale to the firm’s asset management of more than 2,500 units spread across eight properties in the broader Houston area.
“Elan Memorial Park is an exceptional apartment community that adds excellent balance to our multifamily portfolio in the Houston region,” said Don Wenner, founder and CEO of DLP Capital. “With strong job growth in Houston, we’re bullish on the region. We have multifamily properties with a range of price points to appeal to an array of tenants in the area.”
Elan Memorial Park, located at 920 Westcott Street near Memorial Park, is a nine-story property built in 2016 and features beautifully curved exterior architecture. The property boasts a top-floor sky lounge that features panoramic views of downtown Houston along with an outdoor fire pit and grilling area. Property amenities also include a courtyard pool with coffee bar, clubhouse with gaming area, fitness center, bike storage and repair station, and indoor dog spa. Interior features include expansive living areas, 10- to 13-foot ceilings and ceiling fans, built-in desks and bookshelves, and private backyards, patios, or balconies. Residents also benefit from more than 17,000 square feet of retail spaces on the ground floor that include healthy fast dining at Rush Bowls, global cuisine at Union Kitchen, Yellow Cup coffee shop, a hair studio, nail lounge, and more.
DLP Capital and ORP Investments plan light renovations to the otherwise superior condition of the property, including exterior painting, siding updates, and landscaping improvements. The property, currently at 92 percent occupancy, benefits from proximity to other affluent Houston neighborhoods, with the Neartown-River Oaks submarket attracting many baby boomers seeking to downsize. Employment growth in the Houston region is expected to surpass the national benchmark over the next five years, according to the U.S. Bureau of Labor Statistics, further attracting tenants and adding to the investment attractiveness of Elan Memorial Park.
Added Raj Sarangam, founder of ORP Investments, “This multifamily investment marks the first of what we hope will be many successful partnerships with DLP Capital. We’re combining DLP Capital’s national financial strength with our boots-on-the-ground local market expertise for a solid combination that we believe will lead to collective, long-term success.”