Miami-based investor 12Ten Capital has quietly slipped into Houston’s apartment scene with the purchase of Harper’s Mill, a 180-unit garden-style complex in northwest Houston. The 1984-built community is set for a value-add makeover after changing hands from longtime owner Interurban Companies, with financing lined up to cover upgrades and short-term stabilization. The deal plants a flag for the Miami firm in Houston’s workforce-housing segment at a time when investors are chasing steadier cash flow outside the city’s priciest submarkets.
Deal details and financing
According to a company release, Berkadia represented Interurban Companies and arranged both the sale and the debt package for the buyer. Berkadia says Santander supplied a five-year fixed-rate loan with three years of interest-only payments and an option to lock the rate early, giving 12Ten some breathing room while it works through renovations.
The Real Deal reports that the sale price was not disclosed, but appraisal district records put the property value at about $13.1 million, or roughly $73,000 per unit.
12Ten’s strategy…