37th Parallel Properties buys 10th acquisition in Houston

37th Parallel Properties, a Richmond, Virginia-based multifamily real estate investment firm, has acquired Cashel Springs Apartments.

It s the firm’s 10th multifamily acquisition in Houston. The Houston metro area has the second fastest growing population in the nation, with a growth rate over 3.5 times the national average. This acquisition is another milestone for 37th Parallel, bringing their total transactions in Houston to over $150 million.

Built in the 1980's, the property features private balconies, walk in closets, a fitness center, clubhouse, detached garages, and two swimming pools.

Cashel Springs presents a unique opportunity for 37th Parallel to acquire an under-improved, value-add asset in one of the fastest growing submarkets in the Houston area at a great cost basis.

“We were able to purchase a high-quality, income-producing asset at an estimated 45 percent discount to replacement cost and a 19 percent discount to recent comparable trades,” said Dan Chamberlain, managing partner and COO. “The acquisition of Cashel Springs fits well within our strategy of investing in areas with strong demographics and favorable supply demand dynamics. We believe we can reposition the asset and add value through operational improvements and a focused renovation plan. We are excited to grow our presence in Houston and build asset value for our investors.”