TriArc acquires 220-unit apartment portfolio in Garden Oaks sub market
HOUSTON, TX – TriArc Real Estate Partners (TriArc) announces it has acquired the Candlelight Portfolio, a 220-unit apartment portfolio in the Garden Oaks sub market of Houston along with its JV equity partners Zeus Equity Group. The Candlelight Portfolio consist of 3 properties situated along Pinemont Drive near the intersection with Shepard which provides nearby access to the 610 Loop and Interstate 45 as well as the Heights. The combined 5.62-acre portfolio was built between 1971-73 and totals 153,364 rent-able square feet. Units include predominantly one-bedroom/one-bath floor plans featuring vintage cabinetry, flooring, windows, appliances and amenities.
“I haven’t seen a deal this attractive since my first acquisition in 2011” stated Joseph Bramante, CEO of TriArc. “It is extremely rare to find an untouched property like this in a booming market like Garden Oaks.” Along with TriArc’s 100 years of combined property management and value add experience, they have supplemented the project with a seasoned multifamily construction manager of 12 years and the top multifamily design and branding companies to deliver what they hope will be their best product and performance yet on this $37k/dr or $8.1M renovation. “As an added bonus” exclaimed Joseph, “this portfolio recently belonged to my former mentor and CEO of Lifestyles Unlimited, a nationally acclaimed real estate education and mentor group that I joined at the start of my career before going off on my own. I hope to make them proud and look forward to delivering on our promise to our investors!”
About TriArc Real Estate Partners
TriArc Real Estate Partners is a full-service investment management firm focused on the acquisition of compelling multifamily real estate assets with untapped value to deliver market-leading returns to its investors. TriArc was established in 2013 by the principals of The Atlas Company and Kindred Residential as a full-service investment vehicle to leverage the operational platforms, industry networks and skill sets of each respective firm to successfully execute on a yield-plus and value-add investment strategy in the multifamily real estate asset classes. The firm’s owned and third-party managed portfolio includes approximately 1,100 conventional apartment units spread across the Houston MSA and Corpus Christi with assets under management totaling over $100 million. For more information, please visit www.TriArcREP.com or follow TriArc on Twitter @TriArcREP.
CEO – TriArc Real Estate Partners
“Improving Lives Through Multifamily”