Electra Capital Closes on Equity Investment in Houston Apartments
TruePoint Capital acquired The Aubrey, a 436-unit multifamily community in the Westchase submarket
HOUSTON (November 1, 2021) – Electra Capital, a boutique lender specializing in flexible, short-term multifamily financing solutions, has closed on a $5.25 million preferred equity investment in The Aubrey, a 436-unit multifamily community located in the Westchase submarket of Houston, Tex. TruePoint Capital, based in Katy, acquired the property.
“Houston’s economic resurgence has been exceptional,” said Samuel J. Greenblatt, CEO of Electra Capital. “With increases in employment and in-migration expected for the remainder of the year, Houston’s apartment occupancy rate and rent growth rate may ultimately surpass where it was pre-pandemic by 2022. The Aubrey is well-positioned close to the Energy Corridor and in the booming Westchase submarket to benefit from all these positive trends.”
Located at 2310 Crescent Park Drive, The Aubrey offers one-, two- and three-bedroom floor plans ranging from 700 to 1,300 square feet. Apartments feature spacious living areas, wood-style flooring, designer color schemes, spacious closets, washer/dryer connections, and a private patio or balcony. Community amenities include two swimming pools, state-of-the-art fitness center, full-service business center, clothing care center, dog park and playground.
The property is conveniently located close to I-10, Sam Houston Tollway & Westpark Tollway, approximately 30 minutes from downtown Houston and just five minutes from Houston’s Energy Corridor. The property is close to Royal Oaks Country Club and Buffalo Bayou Bike Trail and nearby parks, and close to a variety of shopping and entertainment destinations.