DECEMBER 02, 2020
Houston, Texas – Houston, Texas – Jeronimo Hirschfeld, President and CEO of One Real Estate Investment (OREI), announced the purchase of a 308-unit apartment community in Houston, Texas. La Villita Apartments built in 1981 is located at 5959 Bonhomme Rd, Houston, TX 77036 is conveniently located in Sharpstown submarket, just 11 miles southwest of Downtown Houston. OREI intends to do exterior and amenity renovations which include but are not limited to updating the clubhouse, laundry centers, perimeter fencing, asphalt, and mail area. In addition to exteriors, OREI will implement an interior unit renovation program including upgraded kitchen appliances, resurfaced cabinets, upgraded lighting and plumbing fixtures, and kitchen backsplashes.
One Real Estate Investment has 3 assets, 623 units, within 6 miles of La Villita. Two of these assets, Westbury Crossing and Summit at 7700, were acquired by OREI in 2018 and then recapitalized in Q4 2019. The other asset, Townhomes on Peacock Hill, was acquired in May 2020. The deal was brought to us in an off-market process by IPA Marcus and Millichap. OREI was selected as the buyer without a formal sales process due to the firm’s reputation, experience in the submarket, and consistent track record of efficient closings, and prior success transacting with the listing Brokerage “OREI’s Houston footprint continues to grow,” stated Hirschfeld. “Including La Villita, we will have four assets in this fantastic submarket. We will continue to strategically acquire deals in markets we see forward growth and opportunity!” Every year, OREI pushes to acquire over 3,500 units and the acquisition of La Villita Apartments has allowed us to get one step closer to achieving our desired goal. “OREI’s Houston footprint continues to grow.”