AUSTIN, Texas--(BUSINESS WIRE)--RPM Living Investments (“RPM”) has announced the acquisition of San Paloma in the heart of Houston’s Energy Corridor, the city’s third-largest employment center. The 372-unit garden property was purchased from Blackstone/Livcor through a joint venture with DRA Advisors (“DRA”). The transaction is the second joint venture between DRA and RPM in Texas and is RPM’s 16th acquisition in greater Houston.
San Paloma presents an incredible opportunity with the community’s superb Energy Corridor location, forecasted to maintain its position as one of Houston’s strongest submarkets. The community is surrounded by 22MM square feet of office space, high-end infrastructure, and benefits from its location in the path of Houston’s western-leaning growth and a limited multifamily construction pipeline.
Built by Sueba in 2006, one of Houston’s highest quality builders, San Paloma features an unmatched amenity set, and unique floorplans with an average unit size of over 1,050 square feet that include arched doorways, vaulted ceilings, and built-ins throughout.
“San Paloma is an excellent property that provides tremendous opportunity in one of Houston’s premier locations. We are excited to add such a great asset to our portfolio and to capitalize on its maximum potential,” says Hank Farrell, Chief Executive Officer of RPM Living Investments.
”San Paloma is the perfect addition to grow our successful partnership with RPM. It is a high-quality asset in an A+ location with strong demand in a supply-constrained submarket, and we are excited to execute our business plan alongside the RPM team,” says Brett Gottlieb, Managing Director of DRA Advisors.
The acquisition was financed by Amerant Bank. For more information on RPM Living Investments, visit rpmlivinginvestments.com.
Project Highlights
Owner: |
RPM Living Investments |
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Manager: |
RPM Living |
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Developer/Builder: |
Sueba |
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Location: |
Houston, TX |
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Opened: |
2006 |
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| Number of units: | 372 |
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Unit mix: |
One-, Two-Bedrooms |
About RPM Living
RPM Living is a full-service multifamily management company offering an innovative and personalized approach to real estate services including management, investment and development. Headquartered in Austin, Texas, RPM is ranked #7 on the NMHC Top 50 Largest Apartment Manager list, managing more than 100 clients, nine regional offices and 112,000 units, with an owned portfolio of $3 billion. Founded by Jason Berkowitz in 2002, the firm has grown to over 2,500 associates nationwide spread across over 35 markets, all of whom share the collective vision to enhance clients’ investments through customized solutions and exceptional resident-centric service. To learn more about RPM, visit RPMLiving.com.
About DRA Advisors
DRA Advisors LLC is a New York-based registered investment advisor with approximately 95 employees specializing in real estate investment management services for institutional and private investors, including pension funds, university endowments, sovereign wealth funds, foundations, and insurance companies. Since DRA was founded in 1986, the firm has opened additional offices in Miami and San Francisco while acquiring over $36 billion of real estate. The acquisitions include 84 million square feet of industrial, 63 million square feet of office, 83 million square feet of retail and 80,000 multifamily units. As of March 31, 2022, DRA has $12.0 billion in gross assets under management. To learn more about DRA, visit draadvisors.com.
