DLP Capital announces the purchase of 7 Square Apartments in partnership with Avid Realty Partners.
The 402-unit apartment complex located at 7777 Katy Fwy, 77024 Houston, TX symbolizes DLP Capital’s dedication to providing affordable workforce housing in the Houston community.
“We remain determined to supply the city of Houston and its working families with housing that is both comfortable and accessible,” said DLP Capital Founder and CEO Don Wenner. “This property will allow the hardworking folks of the community to live where they work. As our portfolio continues to expand with Houston-area acquisitions, we expect to deploy additional capital throughout the city and around the state in the future.”
Originally built in 2009 by Trammell Crow Residential and totaling 402 units, this elegant mid-rise wrap property features many resident-centric amenities and is conveniently located in the Memorial neighborhood of Houston. The pet-friendly property features a variety of floor plans consisting of one and two-bedroom apartments. Residents have access to on-site parking, two swimming pools, a fitness center, a yoga room, a business center, and a break room with billiards, shuffleboard, and arcade games.
The acquisition was made together with Avid Realty Partners, a commercial real estate investment firm. Avid Realty Partners is a member of the exclusive DLP Elite Impact Housing community, made up of high-growth, high-impact real estate operators.
Craig Berger, Founder, and CEO of Avid Realty Partners said “we are excited to complete this purchase with DLP Capital. This is a gorgeous core-plus asset, zoned to strong schools, and with convenient highway access. We expect to streamline operations while ramping cash flow and appreciation. As a DLP Elite Impact Housing member, we look forward to learning from DLP and creating more deals like this one in the near future.”
This is Avid Realty Partners’ fourth multifamily property acquisition in Houston totaling over 1,200 units, thus providing scale and operational efficiencies. Avid Realty Partners worked in cooperation with Dr. Jay Levy as co-Sponsor of this deal.