Waterton Acquires 809-Unit Multifamily Portfolio in Metro Houston

HOUSTON — Waterton, a multifamily and hospitality owner and operator based in Chicago, has nearly doubled its multifamily holdings in the Houston area with the purchase of three apartment communities totaling 809 units. The properties include Reserve by the Lake in Houston, Madison on the Meadow in Stafford and Summerwind in Pearland. Waterton plans to make capital improvements at all three properties, including all unit interiors, existing clubhouses and common areas. Each unit will be upgraded with new stainless steel appliances, cabinet resurfacing and hardware, as well as upgraded lighting and plumbing packages. Exterior upgrades will include new paint and modernized clubhouses, pool areas and other common area amenities. The seller(s) and sales price were not disclosed.