HOUSTON, TX – Pegasus Real Estate has acquired Stonegrove Fall Creek, a 2019 vintage property in Humble, TX, a suburb of Houston. Financing for the acquisition was provided by an affiliate of Heitman, with property management to be provided by Asset Living.
Pegasus’ Managing Partner, Jonas Levy, stated, “Stonegrove Fall Creek is a well-located, institutional quality asset in a growing suburban neighborhood with access to entertainment, shopping, dining, and major employment centers. Fall Creek’s master-planned community is a prestigious neighborhood that attracts an upscale demographic with an average household income in the 1-mile radius of +$100k and average home prices of +$400k. The attractive going-in yield at the property coupled with favorable financing and rent growth trends made the acquisition particularly desirable for Pegasus and our investors. The property fits well with our strategy of identifying unique, high-quality assets in desirable locations.”
Pegasus’ Managing Partner, Justin Laub, added, “Stonegrove had an impressive lease-up under previous ownership. The property is well-positioned for new ownership to drive further growth through institutional management and the execution of efficient operations along with minor, strategic value-add initiatives. The acquisition marks Pegasus’ first property in Houston and its sixth acquisition in Texas. We are thrilled to add another high-quality property to our portfolio and further expand our presence, which now includes all four major markets in Texas.”
The property was 93% occupied at the time of acquisition. David Mitchell of Newmark Knight Frank brokered the transaction.
Pegasus Real Estate launched in early 2019 and has a portfolio approaching $200 million in assets under management with properties in the four major markets of Texas.