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Ilan Investments Acquires 384-Unit Parkside Place in Spring

Houston Firm Secures $36.4 Million Bridge Loan to Buy Class A Multifamily Asset
December 19, 2017
Ilan Investments, a multifamily real estate investment firm based in Houston, has purchased Parkside Place, a 384-unit, Class A multifamily complex in Spring, TX, from Oden Hughes, an Austin-based development and construction firm. Terms of the deal were not disclosed.

Parkside Place was built in 2015 on more than 18 acres at 6220 FM 2920. Currently 86% occupied, the garden-style community features one- to three-bedroom apartments, and offers residents access to such outdoor amenities as a pool, cabanas, kitchen and living room areas, as well as a clubhouse with demonstration kitchen, coffee bar, business center and conference room, fitness center, movie-screening room with vintage arcade, and game room with billiards and shuffleboard tables.

Adra Communities will manage the property. Greystone provided a $36.4 million bridge loan for the acquisition.

Please see CoStar Comps #4059286 for more information.
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