New York-based real estatefirm Sterling American Property Inc. has acquired The Park on Voss, an 810-unit Houston apartment building in Houston. The seller was Oakwood Garden Apartments – San Jose North L.P.
This is Sterling American’s fourth and largest acquisition in Harris County. Earlier this year, Sterling American funds bought the Celebration at Westchase apartment complex. Sterling American’s multifamily holdings in Texas now include roughly 4,238 units in Houston, Austin,, San Antonio and Tyler.
The complex is located at 2424 South Voss Road and was built in 1971. It is also located near one of Houston’s busiest intersections, according to Sterling. Average rents at The Park on Voss range from $500 per month for an efficiency unit, to $900 per month for a large two-bedroom apartment.
"Sterling is confident about Houston’s long-term stability as a residential market and we continue to pursue investment opportunities here. Our value enhancement strategy includes a potential name change, along with the proposed renovations and new marketing plan," says Tarak Patolia, senior vice president and chief of acquisitions. "This will greatly enhance the property’s image in the marketplace. Accordingly, we will be able to increase rents and overall occupancy."
Sterling plans to spend $4.85 million ($4,300 per unit) on capital renovations here. Improvements will include renovation of the clubhouse, incorporating upgrades to the leasing offices as well as to community facilities such as the fitness center, business center and conference room. Other renovations will include new roofs and elevators, as well as augmenting and updating landscaping, signage and apartment interiors, says Charles Skolnick, senior associate at Sterling.