Kip Sowden Of RREAF Holdings And Clayton DeGiacinto Of Axonic Capital Acquire 510-Unit Aura Westchase In Houston

The transaction involved the acquisition of a multifamily property known as 2828 at Royal Oaks, located at 2828 Hayes Road in Houston's Westchase. The asset consists of 510 units and was part of a foreclosure due to a loan default amounting to $65.2 million. The acquiring parties aim to implement a repositioning and capital improvement program for the garden-style community.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: Not specified
• Units: 510
• Address: 2828 Hayes Road
• Market: Houston
• Buyer: Kip Sowden - RREAF Holdings
• Buyer: Clayton DeGiacinto - Axonic Capital

RREAF Holdings partnered with Axonic Capital for this acquisition, marking RREAF’s first investment in Texas since 2021. They plan to manage the community through their in-house property platform and have renamed it Aura Westchase following the repositioning plans.