Blue Stone Premier Properties recently announced the purchase of seven value-add apartment properties from JK Houston. The sales price remains undisclosed. Six of the buildings are in Houston, and one is in Stafford, about 20 miles southwest of downtown Houston. The properties represent 2,239 units and range from 84.5% to 94% occupied. Financing for the deals was provided by Prime Finance and brokered by Meridian Capital Group.
“Houston-area acquisitions will continue to be a major focus for us in 2019 and beyond,” said Randy X. Ferreira, CEO and owner of Blue Stone Premier. “Now with 23 communities totaling approximately 5,800 units in Texas, Alabama, Georgia, Kentucky, and the Carolinas, Blue Stone Premier is taking the popular ‘Blue Stone Lifestyle’ to the next level.”
The Houston market remains desirable and, at least for the time being, still affordable for value-add investments. “Our seven-property, 2,239-unit Houston acquisition offered a sizable and immediate presence and economy of scale in one of the nation's largest and most dynamic markets," said Ferreira. The firm plans to add approximately $25 million of interior, exterior, and amenity upgrades to its recent acquisitions. Blue Stone maintains regional offices in Charlotte and Houston and plans to pursue additional investments of the same type in the future.
The acquired properties include:
- Plaza on Westheimer, a 643-unit community in Houston that will be renamed Siena on Westheimer;
- Woodbridge Crossing, a 384-unit complex in Houston that will be renamed The Park at San Marino;
- Westway, a 316-unit community in Houston to be renamed The Park at Saronno;
- Wyndham Oaks, a 279-unit community in Houston to be renamed The Park at Pisa;
- Champion Forest, a 198-unit property in Houston to be renamed The Park at Salerno;
- Country Place, a 169-unit property in Houston to be renamed The Park at Amalfi; and
- Sugar Ridge, a 250-unit property in Stafford that will be renamed The Park at Tivoli