Lighthouse Partners acquires a 216-unit, Class-A Community in Houston, TX
Irvine, California, October 27, 2016: Lighthouse Partners, LLC (“Lighthouse”) has successfully acquired the 216-unit community called the Stone Canyon Apartments in Houston, Texas. The Stone Canyon Apartments represents Lighthouse’s fourth acquisition and second in Houston. Ryan Epstein and Jennifer Ray of Berkadia represented the seller in the transaction.
Stone Canyon is a Class A, apartment community built in 1998. This luxury community covers 9.5 acres and provides residents with the highest quality of living in the strategic Jersey Village/Cypress submarket of Houston, TX. The property is surrounded by grocery-anchored retail centers, numerous dining options, highly ranked schools and is close to major freeways providing access to all major employment centers. Stone Canyon’s convenient access to all areas of the Houston Metro and numerous local employment centers, is why residents at the property are employed by over 150 different companies. This incredible employment diversity greatly reduces risk or dependence on a single major employer.
Community amenities include a swimming pool, spa, gas barbecue area, clubhouse with lounge, controlled gated access, business center, 24-hour fitness center, covered parking and mature landscaping. Stone Canyon has been extremely well maintained, however, the interior finishes are dated and the property is perfectly positioned for a cosmetic, value-add interior renovation program. The apartment interiors have well designed floorplans with modern features with 9-foot ceilings and washer-dryer connections in all units. With a simple interior renovation program, Stone Canyon will compete directly with newer constructed communities in the area. There are currently 16 units that have been previously upgraded and are achieving a significant premium above non-renovated units. Lighthouse intends to continue this unit renovation program with the addition of new cabinet fronts, stainless steel appliances, brushed nickel cabinet pulls, upgraded nickel faucets/lighting fixtures, new laminate countertops and new faux wood flooring. Asset Plus Companies (www.assetpluscorp.com), based in Houston TX, has been retained to provide property management services and oversee the renovation program.
Stone Canyon was acquired in a joint venture between Lighthouse and Asset Management Consultants, Inc. (http://www.amcinvestments.com). Founded in 1983, Asset Management Consultants (“AMC”) is a southern California based investment firm specializing in commercial real estate transactions. The company’s current focus is on growth and income which it attempts to achieve through diversity of investment, predictable and dependable cash flow, and mitigation of risk. AMC’s investment professionals have more than 200 years of industry experience and AMC has executed more than $2 billion in real estate transactions in California, Oregon, Nevada, Arizona, Texas, Oklahoma, Missouri, Iowa, and North Carolina.
Lighthouse Partners (www.lighthousepartnersinc.com) is a privately owned company focused on the investment and asset management of multifamily properties. The principals of Lighthouse have overseen in excess of $6 billion in transactions totaling 45,000 apartment units throughout their careers. Lighthouse is selectively pursuing opportunities in the major metro areas of the Western US and properties that offer some component of value-add and operational upside. The primary source of equity for its acquisitions is its extensive network of accredited investors. Through its real estate offerings, Lighthouse provides accredited investors an avenue to directly invest in institutional quality multifamily real estate, to which they otherwise would not have access. Lighthouse is actively looking to grow its accredited investor network and expand its joint venture relationships.
For further information, please contact:
Jeffrey Fuller (jfuller@lighthousepartnersinc.com) or Andrew Newton (anewton@lighthousepartnersinc.com).