HOUSTON, Sept. 1, 2021 /PRNewswire/ — Leading commercial real estate firms Sunrise Capital, Zane Holdings and Goodegg Investments, announce the joint acquisition of Royal Spring located in Spring, Texas. The teams are led by David Davidenko and Julia Bykhovskaia at Sunrise Capital, Iqbal (Ike) Mutabanna and Dustin Howard at Zane Holdings, and Julie Lam and Annie Dickerson at Goodegg Investments.
The investment leads commented: “We are proud to add Royal Spring to our portfolio in Texas. We continue to see strong performance across the state of Texas, including the Houston market – led by population growth, a diverse mix of economic and employment opportunities, and superior quality of life for residents throughout the area.”
“With demand outpacing supply in this market,” they continued, “we have the opportunity through a proven lease-up strategy to optimize the asset and provide quality living in this burgeoning Houston submarket.”
Royal Spring is a newly built 351-unit institutional-quality apartment complex with its final building delivered in May 2021. It is located in the diverse Spring market within a short distance of the soon-to-be Global Headquarters of Hewlett Packard Enterprise and a part of the rapid growth of the northern and western parts of the Houston-The Woodlands-Sugarland MSA.
Royal Spring provides residents with a range of top-of-the-line amenities, including a resort-inspired pool, clubhouse and resident lounge, state-of-the-art fitness facility, outdoor yoga space, high-speed Wi-Fi in all common areas, dog park, bicycle storage, and secure garage parking. Interior amenities include granite countertops, 9-foot ceilings, custom hardwood cabinets, stainless steel appliances, and wood-vinyl plank flooring. The average unit size of 1,007 square feet is significantly larger than average for the area. Royal Spring is located in the Klein Independent School District, recognized as one of the best in the state.
This is the 23rd asset across multiple Texas markets to be added to the collective portfolio for Sunrise Capital, Zane Holdings and Goodegg Investments. Together, this team owns and operates over 7,500 multifamily units worth over $800M across Texas and the Southeast and is uniquely positioned to lead the optimization and growth of this property.
About Royal Spring
Royal Spring is a top tier 351-unit apartment complex located within an explosive and highly desirable submarket of the Northern Houston area. The location offers quick and convenient access to the area’s employment centers, combined with the amenities of a suburban community, making it a premier destination for new and existing residents, as well as an excellent operational choice for the investing partners.
About Sunrise Capital
Sunrise Capital, founded by David Davidenko and Julia Bykhovskaia, invests in multifamily housing assets in Texas. The company targets institutional quality Class A and B apartment complexes with 200 units or above and focuses primarily on performing stabilized properties with a value-add component with a deal size of $40-$100mm. For more information, please visit http://www.sunrisecapitalgroup.com.
About Zane Holdings
Zane Holdings (also known as Zane CRE), founded by Iqbal (Ike) Mutabanna and Dustin Howard, acquires large-scale apartment complexes with a focus on institutional quality assets that provide desirable living to residents and achieve strong operational performance. With over 2,000 apartment units in their portfolio across Texas, Florida, and North Carolina, the principals at Zane CRE have an established track record of delivering value. Zane CRE’s capital partners include investor groups, family offices, and private investment firms. Learn more at http://zaneholdings.com.
About Goodegg Investments
Goodegg Investments is an award-winning women-owned and women-led commercial real estate business founded by Julie Lam and Annie Dickerson – two busy moms with a passion for real estate. Goodegg Investments helps busy families create passive income through investing in real estate syndications. To date, Goodegg Investments has acquired over $800 million in real estate assets across the country and has helped thousands of investors build wealth for their families through real estate. Learn more at https://goodegginvestments.com or contact [email protected].