Dealmaker: Electra Capital, Avid Realty Partners Acquire Texas Multifamily Property
Avid Realty Partners, New York, and Electra Capital, West Palm Beach, Fla., formed a joint venture to acquire The Pines at Woodcreek Apartments, a 2015-built property totaling 330 units near Houston.
The firms did not release financial details, but Electra Capital invested $12.2 million of preferred equity into the deal and Avid Realty Partners worked with Acuity Partners, New York, to invest $4.1 million of common equity. Acuity Partners also contributed to other property acquisition responsibilities including underwriting and due diligence.
The venture acquired The Pines at Woodcreek Apartments with an in-place Fannie Mae loan serviced by desk lender Greystone. Newmark Knight Frank’s Houston office brokered the transaction.
Venture manager and Avid Realty Partners Founder and CEO Craig Berger called The Pines at Woodcreek a “core-plus asset at a value-add price” in fast-growing Humble, Texas. The purchase represented Avid’s third Houston-area multifamily property acquisition, bringing its total area presence to 800-plus units.