DLP Capital acquires apartments in Houston
Capital DLP expanded its multi-family presence in the Houston area with the acquisition of a newly built community in La Porte, Texas. The company, together with its joint venture partner Elevate Business Investment Group, acquired Domain at Morgan’s Landing for an undisclosed price. Lou Davis, chief investment officer at DLP Capital, said Multi-Accommodation News that the seller was CityStreet Residential.
The multi-family community was built in 2021 and has 350 units in one-, two-, and three-bedroom floor plans ranging from 710 to 1,759 square feet. Units are housed in 13 three-story, garden-style buildings and were built with full-size washers and dryers, as well as private patios or balconies. Common amenities at The Domain at Morgan’s Landing include a swimming pool, beer garden, private dog park, movie screening room, residents’ lounge, fitness center, and arcade.
Located at 3300 Bay Area Blvd., Domain at Morgan’s Landing is located in an industrial area in the southeast suburbs of Houston. The location places the community near the Port of Houston, NASA, and William P. Hobby Airport, while also being located approximately 25 miles from downtown Houston via the 225 W freeway.
BULLISH ON TEXAS MULTIFAMILY
“DLP Capital will improve the operational efficiencies of the property, allowing it to maintain affordable rents that should easily appeal to area residents,” Davis said. MNH. “This affordability, combined with improvements to amenities and site works, will contribute to the already high level of occupancy.”
The community is currently 93% occupied, but the new joint venture owners will be doing minor interior and exterior finishes, including upgrades to the pool, community hall, clubhouse and fitness center.
Don Wenner, founder and CEO of DLP Capital, said in prepared remarks that the company is bullish on the suburban multifamily market in Texas due to the region’s vacancy rates tightening to near-record lows. DLP Capital has invested $480 million in Greater Houston Metro over the past 12 months, focusing on affordable communities. Earlier this year, the company acquired 140 acres in Fort Worth, Texas, with plans to build two rental communities totaling nearly 1,300 units.