Miami investor eyes Houston for more apartment deals
Miami-based One Real Estate Investment has put Houston on the radar for more apartment acquisitions after success with its current portfolio totaling 1,342 units in five complexes.
The company said it has boosted the occupancy of its Houston portfolio by 15 percent in the last year to 97 percent.
“Markets around the country continue to regain momentum after the housing bubble collapse about seven years ago,” Jeronimo Hirschfeld, chairman and CEO of One Real Estate Investment, said in an announcement. He said the company sees “potential for further growth” in its Houston properties.
They consist of The Forest Apartments (192 units at 22820 Imperial Valley Drive), Kirkwood Landing (264 units at 9850 South Kirkwood), Valencia at Spring Branch (258 units at 9550 Long Point Road), Pine Creek, (300 units at 470 Maxey Road) and Sunset Crossings (328 units at 10630 Beechnut).
One Real Estate Investment has owned the properties for more than three years. The company completed construction program in 2013 to rebuild and improve several of the properties.
One Real Estate has assembled a portfolio valued at more than $360 million, including more than 3,000 apartment units in Houston and in Miami-Dade County, among other assets. It is currently negotiating a 1,600-unit multifamily portfolio in the northeast.