KINGWOOD, TX, May 10, 2022 /PRNewswire/ — National Asset Services (NAS), one of the nation’s leading commercial real estate companies, has successfully secured a buyer for Kings Cove, a 192-unit Class “A” garden-style apartment community located about 28 miles northeast of downtown Houston in the Kingwood, TX submarket.
The property, sold at a capitalization rate of 3.73%, was introduced on the market in October 2021 and received more than 30 offers from credible buyers. The sale transaction was concluded under the terms of the PSA without further negotiation.
Aggressive leasing, strategic marketing and cost effective property maintenance overseen by the NAS management team has resulted in above market occupancy. The overall efforts have helped stabilize the NOI while maintaining a high quality living experience for residents of the community, allowing the property to maximize disposition opportunities during the height of market activity.
“The successful sale of Kings Cove Apartments is a direct result of NAS putting the right teams in place at the right time, including Portico Property Management who handle day-to-day operations and Walker & Dunlop who found the perfect buyer” , commented Shirlee J. KingsleyVice President, National Asset Services.
In April 2018, the asset management NAS property was among the top multi-family properties in the Houston area to reopen after the devastation created by Hurricane Harvey just eight months prior. The once-flooded first-floor apartments have undergone dramatic upgrades that included new stainless steel appliances, white cabinetry, stained concrete floors, new designer light fixtures, ten-foot ceilings with exposed ductwork, and patios or balconies private.
“Rebounding quickly from Hurricane Harvey and creating a much improved and highly desirable asset, which sold at a CAP rate of 3.73%, is a financial result that we are extremely proud to have delivered to our clients” , commented Karen E.Kennedy, Chairman and Founder of NAS and NAS Investment Solutions. “It is an achievement that has been accomplished through cohesive teamwork and tremendous pride of ownership by property investors and professional management that has resulted in an award-winning, first-class multi-family community in the violet wood submarket. »
Built in 2007, the Kings Cove property has a net leasable area of 185,580 square feet consisting of eight residential buildings, a rental office, a clubhouse with a fitness and business center and a a tropically landscaped resort-style pool with an outdoor gourmet grilling center. The property is located in a highly desirable location near Lake Houston and within walking distance of Kings Harbor Waterfront Village. Kings Cove is in the Humble Independent School District, which is highly regarded throughout MSA Houston.
Since 2008, NAS has served 2,568 investor clients and has established an impressive track record in investment property management. The balance sheet includes the generation of more than $595 million in cash distributions to real estate investors, guiding 73 properties through the sales process and managing a commercial real estate portfolio of 177 diverse commercial properties, comprising 24.5 million square feet, in 30 states. The aggregate value of properties managed by NAS totals more than $3.325 billion.
Learn more about NAS
Based at Los Angeles, California, NAS manages a wide range of diversified commercial real estate: offices, medical practices, multi-family homes, shops, student accommodation, assisted living facilities and flexible industrial buildings. The company manages wholly owned and multi-owner properties. NAS offers a wide range of asset management features. They include: property management; project management; administration of leases; acquisition and disposal services; real estate strategy analysis; long-term business goals; monitor changing market conditions; Investor Relations; real estate and investor accounting; loan modification and recovery solutions; exit and retention strategies; rental and marketing; tenant retention plans; research studies; site selections; feasibility studies; insurance risk management; capital improvement planning and tracking; property tax appeal services and cost separation services.
SOURCE National Asset Services