HOUSTON, Dec. 7, 2021 /PRNewswire/ -- Leading commercial real estate firms Sunrise Capital
and Zane Holdings
announced the joint acquisition of Royal Sienna Apartments located in Missouri City, Texas. The teams are led by David Davidenko
and Julia Bykhovskaia
at Sunrise Capital and Iqbal (Ike) Mutabanna
and Dustin Howard
at Zane Holdings.
The investment leads commented: "We are delighted to add yet another high quality asset to our Houston portfolio. We continue to target strong Houston submarkets because they offer our residents high quality of life, excellent schools and fast and convenient access to major employment centers as well as recreational opportunities and retail services."
"With booming population and demand outpacing supply in this market," they continued, "we have the opportunity to optimize the operations of the asset and provide quality living in this burgeoning Houston submarket. Royal Sienna has been performing very well since the start of a lease up and we are looking forward to the continued success of this asset going forward. Our team will continue to prioritize opportunities to expand our presence in key Texas markets and enhance the overall experience for our residents".
Thomas Alleman, Jonathan Powell, David Mitchell, and Zach Springer of Newmark Knight Frank brokered the transaction.About Royal Sienna
Royal Sienna is a newly built 330-unit institutional-quality apartment complex located in the Award Winning and Supply Constrained Sienna Master Planned Community in the high growth Sugar Land/Stafford/Sienna submarket with affluent surrounding demographics and A-rated schools. Sienna is a 10,000-acre master planned community nestled in the heart of desirable Fort Bend County, just 25 miles from downtown Houston and minutes from Sugar Land. The community is home to water parks and pools, an 18-hole golf course, horse stables, a 160-acre sports park, and hiking trails, among other amenities.
Royal Sienna provides residents with a range of Best-In-Class amenities, including a resort-style pool, courtyard with lush landscaping, outdoor seating and cooking space, a dog park, car wash station, resident lounge, fitness center and package lockers with refrigerated storage. Residential unit interior finishes include Top-of-the-Market quartz kitchen and bath countertops, undermount sinks, stainless steel appliances, 9-foot ceilings throughout, plank style flooring in the living, dining and kitchen areas, kitchen islands and private yards.
The apartment complex offers one-, two- and three-bedroom homes with spacious layouts averaging approximately 900 square feet. Royal Sienna is located in the Fort Bend Independent School District, recognized as one of the best in the state. The zoned schools for this property have 9/10 ratings on greatschools.com.About Sunrise Capital
Sunrise Capital, founded by David Davidenko
and Julia Bykhovskaia
, invests in multifamily housing assets in Texas. The company targets institutional quality Class A and B apartment complexes with 200 units or above and focuses primarily on performing stabilized properties with a value-add component with a deal size of $40-$100mm. For more information, please visit http://www.sunrisecapitalgroup.com
.About Zane Holdings
Zane Holdings (also known as Zane CRE), founded by Iqbal (Ike) Mutabanna
and Dustin Howard
, acquires large-scale apartment complexes with a focus on institutional quality assets that provide desirable living to residents and achieve strong operational performance. With over 2,000 apartment units in their portfolio across Texas, Florida, and North Carolina, the principals at Zane CRE have an established track record of delivering value. Zane CRE's capital partners include investor groups, family offices, and private investment firms. Learn more at http://zaneholdings.com
SOURCE Sunrise Capital