Sold June 2022
Regard at City Lake is a 319-unit Class A workforce housing community located in Houston, TX. The property's location off Loop 610 South places residents near the Texas Medical Center, NRG Park, Rice University, the Museum District, and Meyerland Plaza. Loop 610 is one-half block from the property and is Houston's primary traffic artery providing direct access to all significant connectors across the metropolitan area.
Significant employment drivers are plentiful near Regard at City Lake. The Texas Medical Center "TMC," the world's largest medical complex, employs over 106,000 and is the 8th largest business district in the US. The Galleria-Uptown District employs 84,000 people, and the Houston CBD employs over 160,000. Immediate access to Rice Village, Meyerland Plaza, Plaza in the Park, the River Oaks District, and Uptown Park provide a plethora of shopping, entertainment, and dining options.
Regard at City Lake, completed in 2013, consists of one 4-story wrap-style building with a fully-amenitized clubhouse and one five-story parking garage. The property offers one-bedroom and two-bedroom floor plans ranging from 640 square feet to 1498 square feet. Community amenities include a 5-story parking garage, resort-style swimming pool, executive business center, pet park, 24-hour fitness center, lounge and billiards room, courtyards with fireplace and grills, and limited access entry. Interior unit amenities include a granite countertop, decorative backsplash, wood stain cabinets, stainless steel appliance package, icemaker, microwave oven, pendant lighting, double sinks, and ceramic glass cooktop. Each unit comes equipped with a full-size washer and dryer. Balfour Beatty Communities assumed management at closing. ApexOne Multifamily Fund III, LP purchased the Regard at City Lake and will execute a value-add program and hold long-term to capture growth and appreciation.