Drever Capital Buys Villages at Lake Jackson Apartment Complex

LAKE JACKSON, TEXAS — Drever Capital Management has acquired The Villages at Lake Jackson, a Class A, 174-unit garden apartment community in Lake Jackson. Drever Capital Management bought the 96 percent occupied multifamily property from Spyglass Capital Partners of Demarest, N.J. The new owner is launching a property improvement program whereby the kitchen bar tops will be lowered to counter height with granite added throughout the kitchen and bathrooms. Stainless steel appliances, plank flooring and two-inch wood blinds will also be added, and the exterior will receive new landscaping, painting, an improved lighted monument sign and enlarged pool area with two gas grills and pool furniture. Tom Cabibi, who rejoined Drever Capital to head up acquisitions, led Drever’s efforts toward the purchase. Ryan Epstein of Berkadia’s Houston office brokered the transaction on behalf of the seller. Brant Smith of Berkadia Commercial Mortgage in Austin arranged acquisition financing through Freddie Mac.