Buchanan Capital Partners has recently acquired the Crenshaw Grand Apartments, a 264-unit property located in suburban Houston. The community was originally developed in 2016 and boasts an average unit size of 840 square feet with a current occupancy rate of 91.3%. Situated between the Pasadena and Clear Lake submarkets, this property offers convenient access to greater Houston.
According to Commercial Edge, Buchanan took over the remaining balance on a $23.1 million Freddie Mac CMBS loan associated with the property. Founder Keith Buchanan stated that they were able to purchase at a discounted price of 25% below replacement cost. This is significantly lower than what MLG Capital paid for it in their acquisition from Michaels Organization back in 2018 for approximately $30.8 million.
The Crenshaw Grand Apartments offer various amenities such as a fitness center, clubhouse, swimming pool, covered parking options and detached garages for residents’ convenience.
In addition to this recent acquisition, Buchanan has also begun work on two new apartment developments: one located in Texas and another one situated in Colorado. They have partnered with Alliance Residential Co., working together on developing a brand-new apartment community consisting of 390 units located within New Braunfels.
This exciting news was first reported by Connect CRE.
