We recently received news that Greybrook Realty Partners and Marlin Spring Investments acquired two multi-family properties in Houston,Texas for US$68 million!
The rental townhome complexes feature 566 garden-style units on 39 acres. The plan is to renovate the suites, upgrade the common areas, and improve the building efficiencies. The complexes feature two clubhouses, fitness centres, and resort-style pools.
“We are thrilled to expand our real estate investment portfolio into Houston along with our trusted partner Marlin Spring Investments,” says Sasha Cucuz, CEO of Greybrook Securities Inc., in a release. “With current sitting rents for each property below market for comparable units in the vicinity, we believe an opportunity exists to meaningfully increase the properties’ net operating income through the roll-out of a well-executed value-add program to reposition the asset.”
You likely recognize the name Marlin Spring from local developments including WestBeach in Toronto, The Mack in Vaughan, Canvas Condominium in Toronto, and most recently, The Stockyard District Residences, which is coming soon to Toronto.
“Houston has demonstrated strong market fundamentals, and with increasing rents and decreasing vacancies, the city checked a lot of boxes for Marlin Spring and Greybrook’s value-add investment strategy,” explains Ben Bakst, CEO of Marlin Spring Investments. “This is our eighth value-add multi-family property acquisition in North America and it is an exceptional opportunity for our organizations to leverage our collective experience and expertise in real estate to significantly increase the value of this asset.”
Marlin Spring Investments has acquired more than 20 residential projects in various stages of development, consisting of more than 7,000 units in North America. Their portfolio amounts to more than 5 million square feet of residential space and is valued at $3 billion.
What we find intriguing about Marlin Spring Investments is how strategic they are regarding location. The townhome complexes in Houston are close to downtown and minutes from schools, retail, and the Northwest Medical Center. Houston has established itself as an economic hub, job growth is on the rise, the oil and energy industries are strong, and it’s the headquarters of numerous Fortune 500 Companies.
This eye for property acquisition translates to their development arm. The Mack is bringing much-needed townhome housing to an established Vaughan community. Canvas is leading the way as the Danforth becomes a go-to neighbourhood for new condo living. And WestBeach is one of the only new condos within walking distance of Woodbine Beach and Ashbridges Bay.
Marlin Spring has a clear understanding of the importance of location, so we’re excited to learn more about what they have planned for 2019!