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August 21, 2018
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GVA Real Estate Group Buys 364-Unit Multifamily Asset in Texas

8/01/18

GVA Real Estate Group has purchased Huntington Glen Apartments, a 364-unit multifamily property in Houston. The property was sold by a joint venture partnership of L5 Investments and BH Equities, who acquired the asset in 2015 and embarked on a strategic improvement campaign to add significant value.

Built in 1982, Huntington Glen is situated on just under 10 acres at 12023 Bissonnet St. The property includes six two-story buildings, 11 three-story buildings, two laundry buildings and one office/clubhouse. It features gated access, a business center, custom accent walls, children’s playground and two swimming pools. Unit features include walk-in closets, kitchen pantries, ceiling fans, laundry facilities, patios and balconies.

Huntington Glen Apartments is located at the intersection of Bissonnet St and Keegan Rd. Bissonnet Street is an east-west thoroughfare in Houston. The property is within walking distance to retail, restaurant and grocery stores that provide easy accessibility and convenience to the tenant base. Huntington Glen is also located approximately three miles from the Galleria/Uptown District (Houston's premier retail and office region), four miles from Sugarland (a well-known technology and health care hub), five miles from the Energy Corridor and eight miles from downtown Houston.

“Our partnership completed a strategic value-add capital program immediately after acquiring the asset which included addressing deferred maintenance issues, interior unit upgrades, enhancing landscaping and overall aesthetics, and updating community amenities,” said Michael Flaherty, founder and managing partner of L5 Investments. “Ultimately, we improved management and operational systems and created an attractive, cash-flowing asset in the thriving Houston market.”

Houston is the fourth most populous city in the nation (trailing New York, Los Angeles and Chicago), and is the largest in the southern U.S. and Texas. Houston is among the fastest-growing metropolitan areas in the United States. The area grew 25.2 percent between the 1990 and 2000 censuses—adding more than 950,000 people—while the nation's population increased 13.2 percent over the same period. From 2000 to 2007, the area grew by 912,994 people. From 2000 to 2030, the metropolitan area is projected by Woods & Poole Economics to rank fifth in the nation in population growth—adding 2.66 million people.

Director Joey Rippel and Chris Young and analyst Connor Phillips of HFF represented the L5/BH Equities joint venture in the sale. The price was not disclosed.





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