Miami Investor Picks Up Houston Apartments

Miami investor 12Ten Capital planted a flag in the Houston multifamily market with an apartment buy.

12Ten picked up Harper’s Mill, a 180-unit multifamily property at 16160 Kieth Harrow Boulevard, according to a release from Berkadia, which secured financing for the purchase and represented the seller, Interurban Companies.

Santander provided the five-year, fixed-rate loan. Berkadia’s Kyle Whitney, Chris Curry, Jeffrey Skipworth, Chris Young, Joey Rippel, Jed Dalton and Tucker Fama made up the team that represented Interurban, while the brokerage’s Brad Williamson, Mitch Sinberg, Scott Wadler Matthew Robbins and Kyle Ryan were on the team that arranged the financing.

Harper’s Mill, which was built in 1984, was last appraised for tax purposes at $13.1 million, appraisal district records show. The appraisal works out to $73,000 per unit. The Northwest Houston property offers easy access to State Highway 6 and is about 23 miles from Downtown Houston. It’s in the Katy Independent School District, the release said. Interurban Companies, which is based in Centennial, Colorado, has owned the property since 2006.

12Ten aims to implement a value-add strategy at the property, with plans to upgrade the property and sell it at a profit. It’s been a challenge to execute on value-add multifamily plays after interest rates spiked, toppling investors who bought old apartment complexes with floating-rate loans while interest rates were low.

12Ten Capital was formerly part of Frontal Trust, a real estate investor founded in 2015 in Chile. In 2023, Luis Felipe San Martín acquired a controlling stake in Frontal Trust’s Miami operation and broke it off to become 12Ten Capital. The firm focuses on investing in bridge loans and single-family rentals. It’s also developing a 160-unit built-to-rent townhome community near Tampa.

Harper’s Mill is 12Ten’s first acquisition of its latest fund, which focuses on workforce housing.