Fund III

Haven Bellaire

Houston,

TX

Total Required Equity
$11,097,308
Asset type
Multifamily
Investment Objective
Development
Realized IRR
41.70%
Hold Period
5 Years
Investment Date
August 2019

Investment Summary

Haven Bellaire was a Class A, 297-unit, ground-up multifamily development strategically located between Katy and Sugar Land, two of Houston’s premier submarkets. Our joint venture partner was Guefen Development, one of the most active developers in Houston, having built more than 6,000 Class A multifamily units totaling more than $1B of investment value. Haven at Bellaire was 97% occupied at the time of sale and stabilized in July 2021 – eight months ahead of proforma. Our leasing velocity of 34 leases per month through stabilization exceeded competitors within the submarket by 42%. The property was sold in December of 2021 and generated a 45% gross IRR and 2.25x gross equity multiple for Fund III investors. 

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