A JV between CAF Capital Partners and The Rainier Cos has been on the hunt for value-add multifamily properties. But that doesn't always mean something in need of capital improvements. (Maybe just some words of encouragement and a warm cup of tea.)

The partnership acquired Oaks at Northpointe, a 246-unit community in Tomball and its first Houston-area asset. Rainier principal Danny Lovell (we imagine this is what he looks like right now; he's at a conference in San Diego) tells us it was an off-market transaction. His team snagged the property directly from the developer right at certificate of occupancy. It's less than 30% leased, which gives the JV the opportunity to fill it up, but it also lands a brand new Class-A property. (It's like picking up a great baseball player after a down year, good value and huge upside. Are you listening, Astros?) Danny says he loves the Tomball location; there's a lot of competition in the submarket, but it's growing rapidly and the demographics are good.

Oaks at Northpointe includes 10 garden-style buildings on 10 acres. Danny tells us Rainier and CAF plan to deploy this same off-market strategy again whenever it makes sense (i.e., when it's with a developer they know well and like)←it's working on another acquisition with the same developer for a property delivering in Katy in a year. The team is also eying a property in The Woodlands.