NAS has successfully delivered a buyer for Kings Cove, a Class “A” 192-unit, garden-style apartment community located about 28 miles northeast of downtown Houston in the Kingwood, TX submarket.
The property, which sold at a cap rate of 3.73%, was introduced to the market in October 2021 and received over 30 offers from credible buyers. The sale transaction closed per PSA terms with no re-trading.
Aggressive leasing, strategic marketing and cost-effective property maintenance supervised by the NAS management team resulted in above market occupancy. The overall efforts helped stabilized NOI while maintaining a high-quality living experience for community residents, enabling property ownership to maximize disposition opportunities at the peak of market activity.
“The successful sale of Kings Cove Apartments was a direct result of NAS putting the right teams in place at the right time, including Portico Property Management handling the day-to-day operations and Walker & Dunlop who located the perfect buyer”, commented Shirlee J. Kingsley, Vice President, National Asset Services.
In April of 2018, the NAS asset-managed property was among the first multifamily properties in the Houston area to reopen after the devastation created by Hurricane Harvey just eight months prior. The once-flooded, first-floor apartment homes underwent dramatic upgrades that included new stainless-steel appliances, white cabinetry, stained concrete flooring, new designer light fixtures, ten-foot ceilings with exposed ducts, and private patios or balconies.
“Expeditiously rebounding from Hurricane Harvey and creating a much-improved, very desirable asset, that sold at a 3.73% CAP rate, is a financial result we are extremely proud to have delivered to our clients,” commented Karen E. Kennedy, President and Founder of NAS and NAS Investment Solutions. “It is an achievement that was accomplished through cohesive teamwork and a tremendous pride of ownership by property investors and professional management that resulted in an award-winning first-class multifamily community in the Kingwood sub-market.”
Built in 2007, the Kings Cove property is 185,580 square feet of net rentable area consisting of eight residential buildings, one leasing office, a clubhouse with a fitness and business center and a tropically landscaped, resort-style pool with outdoor gourmet grilling center. The property is situated in a highly desirable location near Lake Houston and is in walking distance to Kings Harbor Waterfront Village. Kings Cove lies within the Humble Independent School District, which is highly regarded throughout the Houston MSA.
Since 2008, NAS has served 2,568 investment clients and has established an impressive track record for investment property management. The track record includes generating over $595 million in cash distributions to property investors, guiding 73 properties through the sales process and managing a commercial real estate portfolio of 177 diverse commercial properties, comprised of 24.5 million square-feet, in 30 states. The overall value of NAS’ managed properties totals over $3.325 billion.