TriArc Acquires 220-Unit Apartment Portfolio in Garden Oaks Submarket
HOUSTON, September 30, 2019 (Newswire.com) - TriArc Real Estate Partners (TriArc) has acquired the Candlelight Portfolio, a 220-unit apartment portfolio in the Garden Oaks submarket of Houston along with its JV equity partners, Zeus Equity Group. The Candlelight Portfolio consists of 3 properties situated along Pinemont Drive near the intersection with North Shepherd Drive which provides nearby access to the 610 Loop and Interstate 45 north as well as the Heights and Houston CBD. The combined 5.62-acre portfolio was built between 1971-73 and totals 153,364 rentable square feet. Units include predominantly one-bedroom/one-bath floorplans featuring vintage cabinetry, flooring, windows, appliances, and amenities.
“I haven’t seen a deal this attractive since my first acquisition in 2011,” stated Joseph Bramante, CEO of TriArc. “It is extremely rare to find an untouched property like this in a booming market like Garden Oaks.” Along with TriArc’s 100 years of combined property management and value-add experience, they have supplemented the project with a seasoned multifamily construction manager of 12 years and the top multifamily design and branding companies to deliver what they hope will be their best product and performance yet on this $37k/unit or $8.1M renovation. “As an added bonus,” Joseph said, “this portfolio recently belonged to my former mentor and CEO of Lifestyles Unlimited, a nationally acclaimed real estate education and mentor group that I joined at the start of my career before going off on my own. I hope to make them proud and look forward to delivering on our promise to our investors!”
TriArc Real Estate Partners is a full-service investment management firm focused on the acquisition of compelling multifamily real estate assets with untapped value to deliver market-leading returns to its investors. TriArc was established in 2013 by the principals of The Atlas Company and Kindred Residential as a full-service investment vehicle to leverage the operational platforms, industry networks and skillsets of each respective firm to successfully execute on a yield-plus and value-add investment strategy in the multifamily real estate asset classes. The firm’s owned and third-party managed portfolio includes approximately 1,000 conventional apartment units spread across the Houston MSA and Corpus Christi with assets under management totaling over $100 million. For more information, please visit www.TriArcREP.com.
CEO – TriArc Real Estate Partners
“Improving Lives Through Multifamily”
Source: TriArc Real Estate Partners