Three Pillars pulls in $56M on Texas multifamily sale

Houston company sells three hometown properties

Gautam Goyal; Green Tree Place and Pine Lake Village, Houston (Three Pillars, iStock)
Gautam Goyal; Green Tree Place and Pine Lake Village, Houston (Three Pillars, iStock)

Houston-based Three Pillars Capital Group has sold three multifamily communities in the city for a total of $56 million. The buyer is an Ohio-based private equity firm, according to a Tuesday announcement.

Pine Lake Village, at 1325 Greens Parkway near I-45 and Beltway 8, has 96 units with 68,134 rentable square feet. The community has one- and two-bedroom apartments and amenities such as a swimming pool and playground. Rent for the complex has increased by 25 percent since Three Pillars bought it in 2019. The company sold the property for $12.1 million.

Green Tree Place Apartments at 700 Dunson Glen drive near I-45, Beltway 8 and FM 1960 brought in $22.6 million. The North Houston development has 142,544 rentable square feet in a total 196 one- and two-bedroom units. It has a playground with a picnic area and a clothes-care center. Three Pillars purchased the property in October 2019 and reports 15 percent rent growth since then.

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Ridge Point Apartments at 2700 Westridge Street near the intersection of South Main Street and Loop 10 is close to Midtown, Downtown and the Museum District. It’s a 168-unit property with 118,575 rentable square feet, all one- and two-bedrooms, and has amenities such as a swimming pool, poolside gazebo and onsite clothing care. The development has seen 21 percent rent growth since Three Pillars bought the property in April 2020. It was sold for $21.3 million.

Three Pillars specializes in Class B and C multifamily properties. All three sales followed substantial interior renovations of the properties over the past four years.

Three Pillars sister company Greenline Apartment Management oversaw day-to-day operations of the apartments during its ownership. Three Pillars bought its first property in 2017 and manages 3,000 units in the Houston metro area. It has completed more than $400 million in transactions across the market to date.

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