Raamco International Acquires Property On Egret Bay Blvd In Houston Represented By Drew Kile And Jennifer Campbell
18707 Egret Bay BLVD, Houston, TX...
Units
216
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