CORE Pacific Advisors, an investment advisory firm and sponsor of 1031 exchange offerings, has purchased CUE Luxury Apartments, a newly constructed, Class A multifamily property located in the Houston suburb of Cypress, Texas, for an undisclosed price. The company indicated that the property will be offered as a Delaware statutory trust 506(c) offering.
The property includes a mix of one-, two-, and three-bedroom units ranging in size from approximately 770 to 1,470 square feet. Property amenities include two salt-water pools, a cinema theater, fitness center, yoga and spin rooms, two dog parks and a dog spa, conference room, and a carwash facility.
“Constructed in 2019, this asset’s quality is second to none,” said Justin Morehead, CEO of Core Pacific Advisors. “This multifamily community is well-located in the Bear Creek/Copperfield submarket of Texas, which has benefited from renters exiting Houston’s urban core in search of larger, more affordable units in the suburbs. Conservative underwriting and strong market fundamentals are aligned with our investment strategy.”
CM Pacific Capital, based out of Newport Beach, California, will represent the sponsor in the capital raising efforts for the DST offering.
CORE Pacific Advisors, an affiliate of CORE Realty Holdings Management Inc., is an investment advisory firm with experience in commercial real estate and real estate related investments.