“We are pleased to acquire an additional asset of this quality in this unique marketplace. We plan to infuse significant capital into the property to enhance the grounds, interiors, leasing office and fitness center in this attractive marketplace”.
Irvine, CA (PRWEB) October 12, 2015
Delta Alliance Capital Management, LLC (“DACM”) is pleased to announce the acquisition of the Central Park Apartments, a 424 unit apartment community located in the master planned Westchase submarket community of Houston, Texas. The apartment community is a 1976 Class B asset well positioned on 12 acres fronting Gesner Avenue near the intersection of Westheimer Road and Sam Houston Tollway/Beltway 8.
The purchase of Central Park follows within a year of DACM’s acquisition of Madison Park Apartments in the same submarket. Robert C. Warren III, CEO, noted: “We are pleased to acquire an additional asset of this quality in this unique marketplace. We plan to infuse significant capital into the property to enhance the grounds, interiors, leasing office and fitness center in this attractive marketplace”. DACM partnered on the transaction with a Texas based real estate private equity firm.
Delta Alliance Capital Management (Headquartered in Irvine, California) is a private, fully integrated real estate investment company that acquires, renovates, repositions, and manages apartment communities located in highly desirable, supply-constrained markets. DACM’s primary focus is to create value through a combination of renovation, operational stabilization, and improved management. It has acquired over 2,000 multifamily units in three states.
DACM’s affiliated entity, Investors’ Property Services (“IPS”), will be responsible for the day-to-day management of Central Park. The IPS team has extensive management experience handling both the rehab and turnover repositioning actions. Throughout the last 35 years, IPS has earned a reputation for its commitment to excellence in property and asset management services while working with some of the most recognizable clients in the industry.