CapRidge Partners selects Stream Houston to lease newly acquired three-building, 544,291-square-foot portfolio.
Austin-based CapRidge Partners has purchased a trio of office buildings near the affluent Tanglewood and the Memorial Villages neighborhoods from a partnership of Unilev Capital Corp.
HFF marketed the properties and arranged acquisition financing through New York Life Real Estate Investors. The properties at 1616 Voss, 7500 San Felipe and 6363 Woodway total 544,291 square feet.
CapRidge Partners plans to spend $15 million on upgrades to building systems, common areas and new tenant amenities.
“We are excited to expand CapRidge Partners’ presence in the dynamic Houston market,” CapRidge Partners Director Dan Terpening said in an announcement. “The portfolio provides a great opportunity to add value by utilizing our disciplined investment experience and operational excellence.”
H. Dan Miller, Martin Hogan and Johnny Kight represented the seller, while HFF’s Jim Curtin and Andy Scott arranged acquisition financing.
The floating rate bridge loan has a term of 4 years plus an extension option with interest-only payments, according to New York Life.
“This transaction is an example of our ability to provide competitive value-add financing with specific loan terms tailored to meet the sponsor’s renovation and lease-up objectives,” New York Life Real Estate Investors Director Ryan Doyle said in an announcement.
Capridge Partners, which has purchased 33 office buildings since 2012, owns 12012 Wickchester, Briar Forest Crossing at 1300 W. Sam Houston Parkway in Westchase in the local market.
Unilev, which is based in the Los Angeles area and has a property management arm in Houston, owns Galleria Towers I and II, Galleria Financial Center, One and Three Riverway and other office and retail properties in the Houston area. The company has been renovating its Houston office buildings.