A joint venture between Midway, the privately owned, fully integrated real estate investment, development and management firm, and Arc Capital Partners, the real estate owner and investment manager known for mixed-use urban infill investments with strong and beneficial impacts on communities, has acquired Sabine Street Lofts, a 198-unit, Class-A, loft-style apartment community located near Downtown Houston on Buffalo Bayou. Tom Fish and Jonathan Paine with Walker Dunlop represented the joint venture in financing the transaction.
Located at 150 Sabine Street, Sabine Street Lofts benefits from its accessibility and direct access to the revitalized Buffalo Bayou Park and is immediately west of Downtown Houston. Completed in 2001, the institutional-quality asset features large one- and two-bedroom floorplans with an average size of 1,017 square feet, approximately 100 square feet larger than the average apartment in Central Houston. Unit amenities include granite countertops in kitchen and baths, 10-foot ceiling heights with exposed ducts, in-unit washers and dryers, stained concrete and wood flooring and private balconies or patios. Community amenities include gated entrances with immediate access to the Buffalo Bayou trail, a fitness center, two resort-inspired swimming pools, outdoor fireplaces, expansive sundecks and pet-friendly amenities. Plans are underway to renovate the property, investing capital specifically into the common areas and project amenities that all residents can enjoy.
Additionally, many of the units will be converted into workforce housing as part of Midway’s MPact program, a new initiative within Midway’s property operations division. Aligning with the firm’s values to be purposeful and community-driven, MPact seeks to support those who are making a difference in our communities. Designed for professionals earning around 80% of the area median income, MPact will provide quality housing to those who have dedicated their careers to serving others.
Additional Midway properties that offer MPact units include Braeburn Village, Villa Del Prado and The Laura, which will debut in 2023 as part of Midway’s future East River mixed-use development.