Property Changes Hands In Ultra-Competitive Multifamily Submarket
An apartment community in one of Houston's most tight multifamily markets just changed hands.
Cardone Capital acquired Stella at Riverstone, a garden-style multifamily property at 4711 LJ Parkway in Sugar Land.
“Stella at Riverstone is situated in perhaps one of the most difficult areas to build multifamily in the entire Houston metropolitan area,” Berkadia's Ryan Epstein said in a release. “That was a major factor in driving investor interest in the property. There is only one more parcel zoned for multifamily development in the entire city — and no other apartments under construction — so this property has experienced significant rent growth.”
Stella at Riverstone features one-, two- and three-bedroom units and includes stainless steel appliances, farmhouse sinks, 9-foot ceilings, granite and quartz countertops and washer and dryer. On-site amenities include a 24-hour fitness center, a fully equipped business center, a resident lounge, a conference room, a clubroom and an outdoor living area.
The property was built in 2018 and is a part of the Riverstone master-planned community. It is near several entertainment, dining and employment hubs, such as the Houston Museum of Natural Sciences at Sugar Land, Texas Instruments and the Houston Methodist Sugar Land Hospital.
“We love the Stella property for our investors due to the quality of product and high barriers to entry provided by the Sugar Land municipality,” Cardone Capital CEO Grant Cardone said in a release.
The firm had an active 2018, closing almost $400M in multifamily acquisitions.