Residential

TriGate Capital Completes Acquisition of Houston Townhome Portfolio

DALLAS, TEXAS – TriGate Property Partners IV, L.P. recently closed on the opportunistic acquisition of a portfolio of newly constructed build-to-rent (“BTR”) townhomes in Houston at a substantial discount to current market values. The townhome rental portfolio (“ACODA”) is backed by five infill communities, all detached units averaging 1,975 square feet. The portfolio is currently leased, and TriGate plans to cash flow the portfolio while eventually selling individual units to homebuyers.

Tom Andrews, Vice President at TriGate Capital, commented “the ACODA portfolio is representative with both TriGate’s residential strategy and also its dislocation strategy. We were able to acquire newly delivered townhomes at attractive discounts to today’s replacement cost in addition to the seller’s basis. More importantly, we were able to navigate the complexities of an upcoming loan maturity and provide the seller certainty of execution on a tight timeframe.”

TriGate would like to thank Jennifer Campbell with Cushman & Wakefield, who acted as the agent on behalf of the Seller.

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