DLP Capital spearheads acquisition of 350 multi-family homes in Houston

0

DLP Capital, a private real estate investment and financial services firm, today announced the acquisition of Domain at Morgan’s Landing, a 350-unit multifamily complex in the Houston suburb of La Porte. The acquisition was made in partnership with Elevate Commercial Investment Group, a real estate investment firm focused on acquiring value-added multi-family assets that can be repositioned. According to the US Census Bureau, the Greater Houston area had the third highest increase in population growth in the United States last year, behind the Dallas-Fort Worth and Phoenix areas. Strong household formation and net migration have fueled record apartment demand, particularly in suburban areas where renters are seeking larger, affordable apartments. Capitalizing on this unprecedented demand, DLP Capital has invested nearly $500 million in multifamily housing in greater Houston over the past 12 months, focusing on affordable apartment properties for working American families.

“We continue to see an urban exodus of families seeking to enrich their lifestyles with more living space, amenities and affordability, and Morgan’s Landing ticks those boxes and more,” said Don Wenner, Founder and CEO of DLP Capital. “We are optimistic for suburban multifamily properties in Texas in general as vacancy rates compress to near-record lows, but our sweet spot is the affordable segment where we can really impact the lives of our residents. .”

The Morgan’s Landing estate, built in 2021, is in southeast Houston at 3300 Bay Area Boulevard. The property is located in an industry-rich area that includes the nearby Port of Houston, NASA, and Hobby International Airport, among other notable industries. Set on 18 acres, the Morgan’s Landing resort features 13 three-story garden-style buildings containing one- to three-bedroom units. Resort amenities include a resort-inspired pool with deck; athletic club; film screening room; lounge with billiards, shuffleboard and poker table; Zoo; and a popular beer garden with fire pit and grilling stations, among other amenities.

DLP Capital and Elevate Commercial Investment Group plan to perform minor interior/exterior finishes to polish the new Morgan’s Landing complex.

“There is a large employment base around Morgan’s Landing, and we are confident that this property’s exceptional amenities, combined with our strong asset management track record, will easily attract residents and position a quick rental,” added Jorge Abreu, co. -founder and CEO of Elevate Commercial Investment Group.

(Visited 1 time, 11 visits today)

Share.

Comments are closed.