In September of 2015, Bridgeview Real Estate (“Bridgeview") started development on a 330-unit Class A apartment community in the Houston suburb of Spring, TX.
In March of 2015, a Private Equity Group partnered with Bridgeview Real Estate to develop a 330-unit multifamily community named The Grayson Apartments (the “Project”) in Spring, TX, a suburb of Houston.
Project costs, including the construction budget and fees, totaled $36.5 million (~$110,600 per unit). The initial capitalization was funded with $30.500 million of senior financing, $4.7 million of PE equity, and $1.3 million of equity capital from Bridgeview.
The development and delivery of all 330 units was completed on time and on budget. The Project was fully (90%+) leased and stabilized by March of 2017. Upon stabilization, the Sponsor refinanced the asset to replace the high-interest construction loan.
The Grayson was sold on April 24th, 2019, for $48.8 million (~$147,900 per unit), an increase of ~33.7% relative to the total Project basis.
Multifamily Property | Spring, TX
Photos provided by Apartments.com
Past performance is not indicative of future results.