Dallas-based developer, GenCap Partners, Inc. announced the sale of its luxury apartment development, The Sarah at Lake Houston, to a group led by New York’s SunSail Capital on July 7, 2022. The transaction of this 350-unit class A+ property nestled in the affluent northeast Houston suburb of Humble was brokered by Zach Springer of Newmark. Construction commenced in mid-2019 and the project delivered its first units in November 2020 while the COVID pandemic halted in-person touring in Houston. The multifamily community reached stabilized occupancy in September 2021.
GenCap’s CEO, David Castilla reported “The fact that we leased up above our proforma rental rates and absorbed units faster than we predicted before the COVID virus impact, confirmed to our investors that the multifamily sector remains resilient despite the challenging economic conditions we’ve faced or will face in the coming years.”
The three-story garden-style apartment development caters to those with a discerning appreciation of high-end interior finishes and offers lakeside living and convenience to top-ranked schools. Deluxe community amenities include: a resort-style pool, bier garten, state-of-the-art athletic facilities, golf simulator, dog park, and business and conference center designed to accommodate today’s tech-savvy renter who might work from home.
This acquisition was a strategic addition to SunSail’s portfolio of superior quality, high-performing multifamily assets in burgeoning Texas cities.
GenCap Partners, Inc. provides real estate investment advisory, asset management, and development services to domestic and international investors in core markets in the Southern USA. The firm focuses on creating value and superior returns for its clients through investments in multifamily and office products.
GenCap Partners develops between $250 million and $400 million in new multifamily projects annually.
For more information, contact David E. Castilla at email@example.com.