Costa Mesa - Pagewood's First Multifamily Acquisition
Property Website: https://www.costamesaapts.com/
Media Features:
Multifamily Affordable Housing
PAGEWOOD Completes First Multi-Family Acquisition in Northwest Houston
152-unit apartment community rounds out a rapidly growing portfolio of mixed-use retail, office workspaces, and industrial complexes
HOUSTON, TX – January 8, 2024 – PAGEWOOD, a commercial real estate owner, operator and developer with a growing regional footprint, announced the acquisition of the company’s first multi-family asset—a 152-unit apartment community named Costa Mesa located in northwest Houston on Highway 249 south of Beltway 8.
“We’re very excited to acquire our first multi-family asset and to continue diversifying our growing portfolio of best-in-class commercial real estate,” said Mat Volz, Managing Principal at PAGEWOOD. “By utilizing our data science investment approach and intensely studying the northwest Houston market, our team executed a multi-family opportunity in a rapidly transforming area with large rent growth potential.”
Located at 14150 Tomball Parkway, Costa Mesa is a 152-unit apartment community organized in 12, two-floor buildings. Comprising of one- and two-bedroom apartment homes, the community has seven floor plans ranging from 614 to 1,044 square feet. The apartments include full kitchens, spacious bedrooms, wood-style flooring, balconies/patios, and walk-in closets. Community amenities include an outdoor pool, community clubhouse, playground, business center, laundry facilities, on-site management and maintenance, and gated access. The community is centrally located with convenient accessibility to restaurants, grocery stores, parks, and freeways.
Jackson Randolph led efforts to acquire Costa Mesa. At the age of 29 and at PAGEWOOD for less than one year, he has been instrumental in kickstarting the team’s multi-family investments.
“Costa Mesa is a well-maintained apartment community in a highly desired and accessible location,” said Jackson Randolph, Vice President at PAGEWOOD. “We are thrilled our cutting-edge data platform informed our decision to acquire the community and we look forward to updating and upgrading the apartment homes and common areas.”
Equipped with PAGEWOOD’s proprietary software optimized to analyze commercial real estate investment opportunities, Jackson extensively studied the housing fundamentals coupled with industrial growth in northwest Houston and utilized the analytics to determine significant market dislocation within the property’s micro-market. Further, this community was identified to have the most potential for rent growth out of 100s of other communities in the submarket. With 20% ownership in this acquisition due to PAGEWOOD’s robust equity stake platform for transaction makers, Jackson will oversee the efforts tied to enhancing the apartment homes and upgrading the community for its residents.
RPM Living, a national multifamily management and investment firm, will manage the property. PAGEWOOD’s in-house team will oversee construction and property upgrades as well as a comprehensive brand refresh.
Amegy Bank of Texas provided acquisition financing for the transaction.