Cypressbrook just closed the acquisition of a 326-unit apartment complex in Bay City. We can look for quite a few announcements like that over the next year, the firm's new head of acquisitions, Richard Zigler, tells us.
Richard (pictured here on a recent trip to Cabo) says Cypressbrook's principals have bought 5,000 units over the past few years, but this is the first one done under the Cypressbrook name. He came on board this summer to spearhead an initiative to acquire 1,000 units in Texas in the next 12 months. He'll be looking at all major (and some secondary) Texas markets to bulk up Cypressbrook's multifamily portfolio.
Here's Hunters Cove, the new acquisition. Richard tells us he's really excited about the Bay City submarket. It's not subjected to the same regulations as Houston, and petrochemical companies have been investing major money down there. He believes that'll be a good play for years. Plus, there's not a ton of competition—there are about six competitive properties in the area, and Cypressbrook plans to upgrade Hunters Cove until it's at the top of the market there. Cypressbrook isn't the only one to recognize the opportunity; Richard tells us the biggest challenge was a lot of investor competition in the bidding process. ARA Newmark marketed the community. Richard says Cypressbrook has a couple of other properties in its crosshairs, but nothing closing in the immediate future.
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