HOUSTON, TX – A group of investors, including Sunrise Capital Group, led by David Davidenko and Julia Bykhovskaia, and Merrill Kaliser, announced their first acquisition in Katy/Houston submarket, The Gallery at Katy, a garden style 316 unit apartment complex built in 1983, located in an area with the average household income of $118K+ in a 3 mile radius.
“We are thrilled to add another solid property to our portfolio and further expand our presence in the Texas market”, David Davidenko said. The acquisition marks Sunrise’s first property in Houston and its eighth property under management in Texas. Julia Bykhovskaia added: “the property is ideally located in close proximity to Houston and is well-aligned with our strategy of identifying well maintained stabilized institutional quality assets in desirable suburban locations”.
Merril Kaliser commented: “The Gallery at Katy presented an exciting opportunity to acquire a high-quality multifamily asset in a very desirable submarket. The property has excellent ‘bones,’ new roofs and very limited deferred maintenance”.
Gallery at Katy is a recently renovated and well-maintained asset located in the high growth Katy/Cinco Ranch/Waterside submarket of Houston. Community amenities include a 24-hour state-of-the-art fitness center, two resort-style swimming pools with new designer lounge furniture, an exterior multipurpose sport court, a summer kitchen with a grilling station, a playground and an indoor sports court. Interior features include designer cabinetry with brushed nickel pulls, newly refinished countertops, upgraded stainless appliances, upgraded plumbing and lighting fixtures, spacious walk-in closets, and ceiling fans throughout.
The Katy/Cinco Ranch/Waterside submarket has favorable submarket fundamentals with the highest absorption rate and occupancy among all Houston submarkets. There is just one conventional multifamily property under construction within a 3-mile radius of the Property. In addition, the Property is zoned to highly acclaimed Katy Independent School District and benefits from strong surrounding demographics.
The property was 94% occupied at the time of the sale. Brett Benton of Newmark Knight Frank brokered the transaction.
Source: Sunrise Capital