Brixton Capital Adds a 188-Unit Houston Multifamily Property to Growing Portfolio

Brixton Capital Adds a 188-Unit Houston Multifamily Property to Growing Portfolio

Brixton Capital has acquired a Houston, Texas apartment property, Richmond Towne Homes, from New York-based Duck Pond Realty Management for an undisclosed price.

Located at 10777 Richmond Avenue, the 188-unit apartment complex was built in 1994 and comprises 187,000 square feet on 12 acres of land. Richmond Towne Homes includes 93 one-bedroom homes and 95 two-bedroom homes. Richmond Towne Homes provides tenants a Class A, low-density community with direct entry attached garages, a rare and desired feature in the Westchase submarket. The property and tenants enjoy close proximity to major employment centers such as the Energy Corridor, Westchase Business District and the Memorial District, amassing to over 250,000 employees and four Fortune 500 companies within a five-mile radius.

According to Brixton Capital’s Vice President of Acquisitions Jim Hamilton, “Brixton Capital is strategically committed to continuing to grow our presence in Texas. We are excited to be able to acquire a high-quality asset such as Richmond Towne Homes in a market like Houston that continues to see strong growth and economic resiliency.”

Zach Springer and Thomas Alleman of Newmark (NGKF) represented Duck Pond Realty Management in this transaction, while Brixton Capital represented itself.

Scott Peterson and Brian Cruz of CBRE Capital Markets assisted Brixton Capital with the execution of the debt placement with Freddie Mac.

“We appreciate the continued relationship that we have established with the Newmark team in Houston who brought us this opportunity, as well as the capital markets team at CBRE. Both provided us essential support in our analysis and helped to facilitate a successful transaction,” Hamilton continued.

“Richmond Towne Homes is the most recent addition to our growing workforce housing portfolio and our overall acquisitions of over $268 million to date this year. We want to thank all of our partners that have helped us achieve this,” said Mark Selman, President of Brixton Capital.

Brixton’s purchase comes on the heels of its acquisition of San Antonio-based property management firm United Apartment Group (UAG), announced earlier this year. In advance of the Richmond Towne Homes purchase, UAG executives assisted in the analysis of current operations of the property, focusing on minimizing expenses and maximizing value. UAG will manage the property on behalf of the ownership.

Brixton Capital is a preeminent private real estate investment firm that seeks to generate outstanding, risk-adjusted returns by unlocking embedded value in commercial real estate transactions spanning all property types. Headquartered in Solana Beach, California, Brixton is led by a team of seasoned commercial real estate experts with an average of more than 25 years of experience.

Brixton currently owns and operates a portfolio valued in excess of $1 billion, representing over 10 million square feet of retail, multi-family, office and land investments across the United States and Europe.