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:
- Property Type: Multifamily
- Transaction Amount: Not Disclosed
- Market: Houston
- Seller's Representative: Will Balthrope, Drew Kile, Jennifer Campbell & William Griffin - Institutional Property Advisors
- Buyer: Raamco International
- Number of Units: 216
- Address: 18707 Egret Bay Blvd, Houston, TX
- Lot Size: 11.8 acres
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
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