Eaton Vance Real Estate Investment Group has expanded its multifamily holdings with the acquisition of Elite 99 West, a 360-unit rental community in Katy, Texas. The seller in the transaction was Electra America, which had previously acquired the property from Greystar in September 2019. While the purchase price was not disclosed, the change in ownership marks another handoff for the asset since its original development.
To finance the acquisition, the buyer secured a $40 million Fannie Mae loan, according to reporting cited from Commercial Search. The agency loan was originated by Walker & Dunlop, underscoring ongoing availability of government-sponsored enterprise financing for stabilized multifamily product. Specific loan terms such as maturity, interest rate and leverage were not disclosed.
Elite 99 West is a garden-style multifamily community completed in 2016 and located at 23400 Kingsland Blvd. in Katy. The property is situated near a range of dining and retail options, including the Park Plaza Centre shopping mall, providing residents with convenient access to neighborhood amenities. The community spans more than 18 acres and is composed of 15 three-story residential buildings.
The property offers one-, two- and three-bedroom floorplans, with unit sizes ranging from 673 to 1,452 square feet. Apartments at Elite 99 West feature private balconies or patios, adding outdoor space to each residence. The mix of floorplans positions the community to serve a range of household sizes and renter preferences within the local market.
Shared amenities at Elite 99 West include an infinity pool with lounge seating and a tanning shelf, as well as an outdoor kitchen equipped with lounge areas. Residents also have access to a gaming center, coffee bar, fitness center and clubhouse. For outdoor activity, the property provides jogging paths, and on-site parking totals more than 490 spaces for residents and guests.
The transaction highlights continued investor interest in relatively new, amenitized multifamily assets in Katy. With its 2016-vintage construction, extensive common-area offerings and proximity to retail and dining, Elite 99 West fits the profile of a contemporary rental community positioned to remain competitive within the broader Houston-area apartment market.
