ATLANTA – A joint venture between CFLane and Lubert-Adler recently sold a six property portfolio of luxury multifamily communities in Texas. Theincluded 1,692 Class A units.
“This represents the conclusion of one segment of what is proving to be a very successful strategy,” said Bill Stahlke, CFLane’s President of Acquisitions. “Our plan is to acquire Class A properties below replacement cost in economically-healthy markets in the Southeast and Southwest, then use our financial savvy and management expertise to greatly improve their value. We still own several properties in the target area and are seeking to acquire more.”
CFLane’s predecessor, Lane Co., acquired the communities in 2011 in a joint venture with Lubert-Adler, a real estate private equity firm specializing in joint ventures with local operating partners. The venture focused on the Houston area because of its expanding population, strong job base and leading role in the nation’s economic recovery.
Steadfast Income REIT, Inc. of Irvine, Calif. bought the communities in two transactions, which closed on Oct. 10 and Nov. 7, 2013. The communities are:
Carrington Place (324 units)
Carrington at Champions Forest (284 units)
Carrington Park at Huffmeister (232 units)
Waterford Place at Riata Ranch (228 units)
Villas at Huffmeister (294 units)
Villas of Kingwood (330 units)
The communities are in the Northwest Houston area except for Villas of Kingwood, which is in the prestigious Kingwood master-planned community. ARA’s David Oelfke represented CFLane in the deals.