Dallas-Based REIT Moves On 924 Units In Houston
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NexPoint REIT added 924 units in Houston to its portfolio. The $108M acquisition consisted of two complexes, the 734-unit Old Farm Apartment Homes and the 190-unit Stone Creek at Old Farm Apartments, both in Houston's Briarwood neighborhood. The acquisition was structured as a reverse 1031 exchange as the company continues to recycle capital from dispositions of assets in non-core markets into well-located, covered land assets in longer-term target markets.
The company's only other Houston asset was an acquisition in November 2014. NXRT's footprint in the market is now 1,164 units, bringing its total portfolio to 39 properties consisting of 12,965 units in 10 markets.