September 12, 2019 – The Multifamily Group (TMG), a Dallas-based commercial real estate brokerage, announces the sale of the 296-unit La Esencia in Houston located at 300 North Vista Drive. TMG Managing Partner Paul Yazbeck worked with the Chicago-based private equity group selling the asset and Senior Advisor Chris Siemasko represented the local buyer.
La Esencia is a 1983 build and consists of 296 units across 18 buildings. The property is optimally situated between the 45 and the Hardy Toll Road offering tenants quick and convenient access to greater Houston. Recently, ExxonMobil, Daikin, and Amazon have all opened their doors in Northwest Houston and consequently developers have over 2600 units under construction in the submarket. Despite this aggressive influx, Northwest Houston’s workforce demographic is chronically undersupplied- the B-class cohort in the immediate area is consistently at 95% occupancy or higher per Costar.
The local buyer shared their plans to perform extensive interior and exterior renovations with Chris- “The buyers have a longer life cycle in mind with this asset. I think their thesis is more in line with what’s more historically institutional capital’s.” Paul and Chris successfully closed the deal after three buyers and multiple national brokerage firms were unable to consummate a transaction.