Elandis acquires 260-unit multifamily community in Houston
Acquisition is a result of JV platform with London-based M&G Investments
Elandis, the Libra Group's US-based real estate ownership and property management company, has acquired Waters at Westchase, a 260-unit multifamily community in Houston.
The acquisition is part of a transformative Elandis joint venture, between London-based M&G Investments and the Libra Group, a multi-national conglomerate. The JV, which is deploying its first tranche of $50 million of equity, is expanding Elandis’s core business of investing in workforce multifamily assets in the U.S.
With this acquisition, Elandis leverages its local market knowledge and expands its footprint in Houston. It has a strong regional property management presence and currently owns just over 1,000 units in Houston, with an eye to buy more.
“Working alongside our partners, M&G Investments and the Libra Group, we identified Houston as a market with propitious dynamics that complement our long-term investment goals,” said Ted Lawson, COO of Elandis. “The specifics of Waters at Westchase plus its submarket’s economic indicators provide a highly sought after reposition opportunity, where we can create substantial value in the asset and improve the quality of life for its residents.”
Built in 1979, Waters at Westchase is located at 11490 Harwin Drive. Its spacious one- and two-bedroom units, with large walk-in closets and private patios/balconies, will benefit from a comprehensive in-unit upgrade program. Its common areas and amenities will also receive major investment.
Situated in the Westchase District of Houston, the pet-friendly community is adjacent to one of the city’s most important and burgeoning neighborhoods. A leading office address for Houston employers, the Westchase District includes an affluent population, a safe environment, excellent mobility and prestigious Fortune 200 employers such as Bank of America, Target, Cisco, Office Depot, Harvey Builders and EHRA Engineering.
Elandis will use its vertically integrated expertise of investment and management to maximize the value of this and future properties in the JV through tenant retention and capital improvement programs. Raising residents’ quality of life, preserving much needed workforce housing, and benefitting the surrounding community are core values to Elandis and central tenets of its investment strategy.