Elandis acquires 569-unit multifamily communities in Houston, Texas
Acquisition is a result of JV platform with London-based M&G Investments
Elandis, the Libra Group’s real estate ownership and property management JV company, today announced that it has acquired Hudson & Crosby at Westchase, two multifamily communities with a combined 569 residential units in Houston.
Located at 2909 Hayes Rd., Houston, Texas, the two-story properties ideally match Elandis’s stated goal of acquiring workforce housing communities throughout the Sun Belt states. The acquisition price was not disclosed. The centrally located communities, which were built in 1980, have three shopping centers within a half mile for ease of shopping and for meeting residents’ everyday needs. It is also within easy access of major thoroughfares.
Hudson & Crosby at Westchase feature one-, two- and three-bedroom residences, along with shared amenities which include a swimming pool and clubhouse, covered parking, business center, and a fitness center.
The communities will benefit from a comprehensive in-unit upgrade program, along with upgrades to its common areas and amenities. The acquisition is part of a joint venture between Libra Group and London-based M&G Investments, a multi-national conglomerate. The JV has now deployed in excess of $50 million of equity.
With this acquisition, Elandis leverages its local market knowledge and expands its footprint in Houston, while continuing to explore additional opportunities in the area.
“Hudson & Crosby at Westchase ideally meets the strong demand for workforce housing in the Houston market,” said Luis Pulido, CFO of Elandis. “The acquisition financing is provided by Freddie Mac, and hence we now have financial support from both government sponsored agencies.”
Elandis will use its 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 a central tenet of its investment strategy.