Texas Firm Cleans Up on $56M Multifamily Sale

Houston-based Three Pillars Capital Group has sold three multifamily communities in the city for a total of $56 million. The buyer is an Ohio-based private equity firm, according to a Tuesday announcement.

Pine Lake Village, at 1325 Greens Parkway near I-45 and Beltway 8, has 96 units with 68,134 rentable square feet. The community has one- and two-bedroom apartments and amenities such as a swimming pool and playground. Rent for the complex has increased by 25 percent since Three Pillars bought it in 2019. The company sold the property for $12.1 million.

Green Tree Place Apartments at 700 Dunson Glen drive near I-45, Beltway 8 and FM 1960 brought in $22.6 million. The North Houston development has 142,544 rentable square feet in a total 196 one- and two-bedroom units. It has a playground with a picnic area and a clothes-care center. Three Pillars purchased the property in October 2019 and reports 15 percent rent growth since then.

Ridge Point Apartments at 2700 Westridge Street near the intersection of South Main Street and Loop 10 is close to Midtown, Downtown and the Museum District. It’s a 168-unit property with 118,575 rentable square feet, all one- and two-bedrooms, and has amenities such as a swimming pool, poolside gazebo and onsite clothing care. The development has seen 21 percent rent growth since Three Pillars bought the property in April 2020. It was sold for $21.3 million.

Three Pillars specializes in Class B and C multifamily properties. All three sales followed substantial interior renovations of the properties over the past four years.

Three Pillars sister company Greenline Apartment Management oversaw day-to-day operations of the apartments during its ownership. Three Pillars bought its first property in 2017 and manages 3,000 units in the Houston metro area. It has completed more than $400 million in transactions across the market to date.