Natixis Lends $118M on Houston Multifamily Assets
Hudson Advisors, an affiliate of Lone Star Funds, has secured $118 million in financing for the acquisition of two adjacent multifamily properties totaling 931 units in Stafford, Texas. The seller was JLB Partners, as Multi-Housing News first reported.
Natixis provided the floating-rate loan, the bank announced.
“We were pleased to deliver the financing solution for Lone Star’s acquisition of these newly constructed Class A multifamily projects with market-leading amenities and finishes in a highly sought-after Houston suburb,” said William Chen, director of real estate and hospitality in the Americas for Natixis.
The two recently completed garden-style multifamily communities — 1879 at The Grid and Arc at The Grid — are part of The Grid, a $500 million mixed-use redevelopment project.
The two adjacent Class A multifamily properties are located at 11107 and 11101 W. Airport Boulevard, respectively, in the Houston suburbs. Aside from multifamily housing, The Grid also includes retail, office and hotel components.
Arc at The Grid comprises nine buildings and offers 346 apartments that are a mix of studios and one- to three-bedroom units, ranging from 572 to 1,289 square feet. Monthly rents range from $1,347 for studios to $2,397 for three-bedrooms. The development includes a total of 509 parking spaces, according to Apartments.com. 1879 at The Grid features 385 units with similar floorplans as Arc at The Grid, with units ranging from 533 to 1,633 square feet. Residents at both communities have access to a swimming pool, fitness center, business center and clubhouse.
Lone Star Funds and JLB Partners did not immediately respond to requests for comment.
Emily Fu can be reached at efu@commercialobserver.com.
