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18707 Egret Bay BLVD, Houst...

Raamco International Acquires Property On Egret Bay Blvd In Houston Represented By Drew Kile And Jennifer Campbell
SOLDMultiFamily

Raamco International Acquires Property On Egret Bay Blvd In Houston Represented By Drew Kile And Jennifer Campbell

18707 Egret Bay BLVD, Houston, TX...

Building Size

Asset Type

MultiFamily

Closing

Nov 19, 2023

AI

The transaction involved the sale of Towers at Clear Lake, a 216-unit multifamily asset located at 18707 Egret Bay Blvd, Houston, TX, situated on 11.8 acres. The property was built in 1985 and previously offered a combination of apartments and condominiums.

Summary of transaction details:

The seller in this transaction was The ValCap Group, a Dallas-based investment firm. The Institutional Property Advisors team represented the seller and facilitated the procurement of the buyer, New Jersey-based Raamco International. Additionally, IPA recently brokered another sale involving The ValCap Group and Raamco, specifically the 304-unit Trails at Lake Houston.

Players

Drew Kile

Institutional Property Advisors

Broker

$383.2M

vol

81 deals

Broker

Houston MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93