SWBC Real Estate Embarks on Value-Add Investments
SWBC Real Estate announced that is has acquired Cypress Lake Apartments, a multi-family property, located in the northwest part of Houston near the intersection of FM 1960 and Interstate 45. The property was 90% occupied at the time of closing. This transaction marks the first value-add acquisition project for SWBC Real Estate.
“We felt that this was a good way to diversify our business plan and use our construction knowledge of what tenants like to see these days at a property – in regard to amenities and finish-outs within actual rental units,” said Marcus Walther, Vice President of SWBC Real Estate.
Cypress Lake Apartments were built in 1995. Over the coming months, SWBC Real Estate plans to renovate the property and then sell it within five years. The garden-style community includes a mixture of one-bedroom, two-bedroom, and three-bedroom apartments. Amenities include a swimming pool, fitness center, barbeque grills and picnic area with a fire pit, and a unique feature of a private lake with an encompassing jogging trail.
“This transaction provided us with an opportunity to acquire a well-located, multi-family community at an attractive basis in the thriving Houston market – a market that we feel has exceptional potential,” said Walther. “We’re excited to expand our Houston presence, as this property will complement our recent ground breaking of a new construction project in Kingwood. We will continue to seek opportunities in Houston, as well as other primary and secondary markets in Texas.”
Cypress Lake is located 6 miles west of George Bush Intercontinental Airport and 7.5 miles south of the ExxonMobil Houston Campus. Additionally, the Houston Northwest Medical Center is located just across FM 1960. The property is conveniently located near numerous restaurants and retailers, including entertainment destinations such as Topgolf Spring, Wet ’n’ Wild SplashTown, and AMC Spring 10.
About SWBC Real Estate
SWBC Real Estate, LLC is owned by SWBC Enterprises, Ltd. SWBC Real Estate is managed by an experienced team of real estate professionals located in Dallas, Texas, with a primary focus in multi-family development. SWBC Enterprises, Ltd. is owned by Charlie Amato and Gary Dudley, co-founders of SWBC. SWBC is a diversified financial services company providing a wide range of insurance, mortgage, and investment services to financial institutions, businesses, and individuals. With offices across the country, SWBC is committed to providing quality products, outstanding service, and customized solutions in all 50 states. SWBC has been named one of the “100 Best Companies to Work for in Texas” in 2012, 2013, 2014, and 2015. For more information, visit www.swbc.com.