Hudson Advisors, affiliate Lone Star Fund, has secured $118 million in financing for the acquisition of 1879 at The Grid and Arc at The Grid, two adjacent multi-family properties totaling 931 units in Stafford, Texas. The seller was JLB Partners.
Natixis Corporate and Investment Bank provided the variable rate loan. The recently completed communities are part of The Grid, a $500 million mixed-use redevelopment project of a former Texas Instruments campus. In addition to multi-family housing, The Grid also includes retail, office and hotel components.
Built in two phases in 2019, 1879 at The Grid offers a mix of studio and one- to three-bedroom units, ranging from 529 to 1,646 square feet, according to Yardi Matrix data. Community facilities include a fitness center, business center and clubhouse. Two swimming pools and a total of 763 parking spaces are also available.
Arc at The Grid comprises nine buildings and offers 346 units in a mix of studio and one- to three-bedroom floor plans, ranging from 572 to 1,654 square feet, according to the same data provider. Residents have access to a swimming pool, fitness center, business center, and clubhouse. A total of 509 parking spaces are also available.
Located at 11107 and 11101 W. Airport Blvd., respectively, the properties are approximately 18 miles southwest of downtown Houston via Interstate 69, which is less than 1 mile north- west of the communities. Several dining, retail, and entertainment options are available within a 1-mile radius, with a Walmart Supercenter less than half a mile northwest.
Houston had its best year on record for multifamily transaction volume last year, with rising oil prices and improving overall economic conditions supporting market fundamentals.