Sunstone Two Tree Acquires Houston Multifamily From Comunidad Realty Partners For $28.9M

Sunstone Two Tree, represented by John Charles Maddux, acquired Villas del Paseo, a 384-unit multifamily community in Houston's Westchase neighborhood. The property, located at 3030 Elmside Drive, was purchased for $28.9 million from Comunidad Realty Partners, represented by Antonio Marquez. The sale included the assumption of a $24.5 million CMBS loan. Sunstone plans to implement a $10.5 million capital expenditure program for renovations at the property.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $28,900,000
• Units: 384
• Price Per Unit (PPU): $75,260
• Buyer: John Charles Maddux - Sunstone Two Tree
• Seller: Antonio Marquez - Comunidad Realty Partners
• Broker: Matt Saunders - Newmark

Matt Saunders, Vice Chairman at Newmark, represented the seller in this transaction. Sunstone Two Tree is undertaking a comprehensive renovation project to enhance the property's value.