Croatan Investments, a sponsor of Delaware statutory trust offerings and other private placements, has purchased Broadstone Vintage Park, a 386-unit multifamily community located in Houston, Texas.
According to Croatan, Broadstone Vintage Park is a Class A+ community built in 2020 less than one-half mile from Vintage Park, a shopping center anchored by an H-E-B and Whole Foods. Adjacent to the property is the 80-acre Kickerillo-Mischer Preserve, which includes a 40-acre lake, two miles of jogging trails, and a kayak launch.
Major nearby employers include Chevron, Gexa Energy, The Lone Star College, and healthcare institutions such as St Luke’s Health, Houston Methodist Willowbrook Hospital, and HCA Houston Healthcare North Cypress.
Croatan noted that Broadstone Vintage Park “exhibited impressive lease-up velocity” with more than 30 new leases per month in 2021. The firm believes there is “tremendous opportunity to mark-to-market the first-generation leases, which is evidenced by recent leasing activity.”
“Broadstone Vintage Park’s impressive lease-up velocity is a great example of the current demand profile for well-located Class A+ properties,” said Paul Van, chief executive officer. “This acquisition is perfectly timed with values in the Houston market beginning to recover and rent growth trending upwards.”
Croatan Investments is a private equity real estate manager focused on multifamily investments that oversees a portfolio of assets across the Mid-Atlantic and Sun Belt regions. Headquartered in Virginia Beach, the firm has team members operating in Austin, Dallas, Atlanta, New York City, Washington D.C., and Singapore.