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Drever Capital Management acquired The Villages at Lake Jackson, a 174-unit Class-A apartment community. Drever Capital's offer was one of 20 for the property. Why so hot? Dow Chemical, which just merged with DuPont, is completing a 900k SF Texas Innovation Center north of its plant in Lake Jackson and will be bringing 3,500 workers there to join 4,300 employees already in the area. It's investing $6B (almost a new plant a year through 2018) in Lake Jackson and Freeport. Freeport LNG is also building a $14B facility that will add 3,500 construction jobs and 160 management and operations positions.
Pictured: Drever's Maxwell and Noah Drever. And a bird.
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As the only upscale rental community in Lake Jackson, Drever plans to capitalize by dramatically improving the interiors and landscaping to compete with the newer units coming online. Being an apartment owner in the epicenter of explosive manufacturing growth is music to the ears of any investor.
Berkadia's Ryan Epstein repped the seller, Spyglass Capital Partners, which sold the 96% occupied multifamily property at 504 South Texas 288 for an undisclosed price. Acquisition financing through Freddie Mac was arranged by Berkadia's Brant Smith.
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