Fairstead has successfully closed on a significant $20 million investment aimed at acquiring and rehabilitating the Sunflower Terrace Apartments, located at 5050 Sunflower St. in Houston’s southern Sunnyside neighborhood.
This initiative is in collaboration with R4 Capital, Fairstead’s mortgage lending affiliate, R4 Capital Funding, and the Houston Housing Finance Corp. The project is designed to provide housing specifically for low- and very low-income families.
The Sunflower Terrace Apartments currently comprises 160 affordable housing units that operate under a project-based Section 8 contract. The rental prices will be capped, with half of the units set at 50% of the area median income (AMI), while the remaining units will be capped at 60% of AMI.
Fairstead, a national leader in affordable housing real estate, will assume ownership of the property in partnership with the Houston Housing Finance Corp. Additionally, Fairstead is taking on the roles of both developer and property manager for this project.
Originally constructed in 1971, the complex will undergo renovations starting this summer, with an anticipated completion date in August 2026.
In recent sales activity, Houston-based real estate investment and development firm Griffin Partners has acquired a two-building industrial park located at 4901 Milwee St. Covering 39,000 square feet, the industrial park is currently 91% leased. The sale was handled by Colliers with Todd Moore, Connor Duffy, and Zack Martin representing the seller, Wolf Capital Partners.
In another notable transaction, Colliers’ Tom Condon Jr., Greg Cizik, and Edward Edson represented the seller of a 53,000-square-foot light industrial building situated at 9201 Winkler Drive near Hobby Airport. This deal saw a private investment group as the buyer, represented by Zane Carman of Partners Real Estate. The closing process was coordinated by Charlotte Sanders and her team at Alamo Title Houston.
In Tomball, Partners Real Estate’s Wyatt Huff and Hunter Stockard facilitated the sale of a 25,000-square-foot manufacturing facility on seven acres at 1302 S. Cherry St. The property has been purchased by a local private investor.
Moreover, Ameritex Machine & Fabrication has successfully acquired a sizable 145,000-square-foot property located at 915 Conroe Park West Drive. In this instance, Garret Geaccone with Stream Realty Partners represented the seller, TradeLane Properties, while Tim O’Neill with TSO Properties represented Ameritex as the buyer.
Apricus Realty Capital has made significant strides with the acquisition of an 11-acre industrial outdoor storage property, which includes 32,000 square feet of warehouse and office space spread across multiple buildings. Located near Highway 290 and Beltway 8 in Northwest Houston, the property is fully leased to Knight Oil Tools. JLL Capital Markets played an essential role in securing acquisition financing for Apricus Realty Capital, arranging a three-year, fixed-rate, interest-only loan with a 24-month extension option available.
The JLL debt advisory team, led by CW Sheehan, Jack Britton, Peyton Ackerman, and Nate Henderson, facilitated this financial arrangement.
In a successful resale, Shawn Ackerman of Henry S. Miller Brokerage represented the seller of the 197,000-square-foot Woodforest Shopping Center in East Houston. Over the years, Ackerman increased the property’s occupancy from 37% to an impressive 96% before the sale to a local buyer in a direct transaction.
On the leasing front, World Emblem, a manufacturer of emblems and patches based in Fort Lauderdale, Florida, has signed a lease for a substantial 72,000-square-foot manufacturing facility at 6740 Signat Drive. This move allows them to transition from a smaller 35,000-square-foot space in Northwest Houston into a facility capable of producing up to 500,000 emblems and patches each week.
Stream Realty Partners has also announced several lease agreements, including Marquis Distributors LLC’s expansion to a total of 23,000 square feet at 525 Julie Rivers Drive in Sugar Land. Will Mason and Tyler Maner with Stream Realty Partners represented the tenant, while Boone Smith, Garret Geaccone, and Natalie Gilbert, also from Stream, represented the landlord, Oxford Properties.
In another lease, Vasa Tech North America LLC has leased 35,000 square feet at 8700 Clay Road. Jack Rathe and Brandon Preece from Stream Realty Partners represented the landlord, Entrada Partners, while Jackie Chang from Forever Realty represented the tenant.
Additionally, Tri Pointe Homes has renewed its lease of 24,000 square feet at Atrium at Park Ten, a 140,000-square-foot office building in West Houston owned by Accesso. The homebuilder is planning to upgrade its finishes and reconfigure its office layout during the new lease term.
In the construction and development sector, Griffin Partners Income & Value Fund IV, alongside Peakline Real Estate Funds, is expanding the Griffin 288/West Airport industrial project. This expansion involves three buildings totaling a remarkable 569,000 square feet across 41 acres, as announced by CBRE.
Originally, Griffin Partners had acquired about 18 acres in December and planned for a 225,000-square-foot industrial building. The recent acquisition of an additional 23 acres allows for the construction of two more buildings, combining plans into a single project phase that is set to commence construction this month.
Delivery of these new facilities is anticipated to occur between April and June, and leasing efforts will be overseen by CBRE’s Faron Wiley and Billy Gold.
In Harris County, RSK Real Estate Partners is progressing with the development of a 156-duplex build-to-rent community near the Market at Katy Park. This unnamed project will feature 103 three-bedroom units and 53 two-bedroom designs, each averaging 1,600 square feet. The developer projects that the buildings will begin delivering in the late second quarter of 2026.
Representatives from NewQuest, including Rick Ragan and Glenn Dickerson, acted for RSK Real Estate Partners during the acquisition of this nine-acre site. Matthew Davis and Kristen McDade of Cushman & Wakefield represented Morton Ranch Development LLC, the seller and developer of the Market at Katy Park, which is anchored by a 158,000-square-foot H-E-B retail center.
In financing news, Crow Holdings has completed a recapitalization of a substantial 6 million-square-foot industrial portfolio, which includes seven buildings totaling nearly 900,000 square feet in the Houston area. Blackstone Real Estate acquired a commanding 95% stake in this portfolio, which also extends to 18 other buildings located in Dallas-Fort Worth and Chicago.
Within this portfolio, the Houston properties include Layne Crossing, comprising six buildings that cover 529,000 square feet, and Victory Commerce Center, home to a single 349,000-square-foot building in Deer Park.
Newmark’s team, consisting of Dom Espinosa, Jack Fraker, Dustin Volz, and Kevin Donner, provided advisory support for Crow Holdings during the transaction, while Adam Spies, Marcella Fasulo, and Josh King contributed to negotiations. Legal counsel for Crow Holdings was provided by Fried Frank.
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