The property involved in this transaction is a 541-unit multifamily asset known as the Villa Nueva Apartments, located at 5300 West Gulf Bank Road in Houston, TX. This acquisition represents a distressed property within the multifamily sector, part of a larger strategy to invest in special-situation housing. The deal marks Longacre’s largest multifamily transaction in Texas to date.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: Not disclosed
• Address: 5300 West Gulf Bank Road
• Market: Houston, TX
• Units: 541
• Buyer: Peter Hungerford - PH Realty Capital; David Kaye & Joe Listhaus - Rockledge - Longacre

The joint venture, Longacre, combines the efforts of PH Realty Capital and Rockledge in this strategic acquisition, which aims to stabilize operations and address deferred maintenance. Longacre operates across 17 states and manages approximately $1.5 billion in assets, with a focus on acquiring similarly distressed workforce housing properties nationwide through lender and special-servicer channels.