MIDWAY AND ARC CAPITAL PARTNERS ACQUIRE SABINE STREET LOFTS
Renovation plans for 198-unit, Class-A apartment community on Buffalo Bayou include conversion of many units to workforce housing as part of Midway’s MPact initiative
(HOUSTON, TX)— A joint venture between Midway, the privately owned, fully integrated real estate investment, development and management firm, and Arc Capital Partners, the real estate owner and investment manager known for mixed-use urban infill investments with strong and beneficial impacts on communities, today announced that it has acquired Sabine Street Lofts, a 198-unit, Class-A, loft-style apartment community located near downtown Houston on Buffalo Bayou. Tom Fish and Jonathan Paine with Walker Dunlop represented the joint venture in financing the transaction.
Located at 150Sabine Street, Sabine Street Lofts benefits from its accessibility and direct access to the revitalized Buffalo Bayou Park and is immediately west of Downtown Houston. Completed in 2001, the institutional-quality asset features large one- and two-bedroom floorplans with an average size of 1,017 square feet, approximately 100 square feet larger than the average apartment in Central Houston. Unit amenities include granite countertops in kitchen and baths, 10-foot ceiling heights with exposed ducts, in-unit washers and dryers, stained concrete and wood flooring and private balconies or patios. Community amenities include gated entrances with immediate access to the Buffalo Bayou trail, a fitness center, two resort-inspired swimming pools, outdoor fireplaces, expansive sundecks and pet-friendly amenities. Plans are underway to renovate the property, investing capital specifically into the common areas and project amenities that all residents can enjoy.
“Midway is excited to partner with Arc,” said Jamie Bryant Midway’s President and Chief Operating Officer. “The principals of our firms have a long-standing relationship, and we plan to target similar opportunities in well-located Texas markets where projects like Sabine Street can be a win-win for residents, investors and communities in urban infill neighborhoods.”
“We take great pride in partnering to invest in urban in fill properties and creating value for investors while also addressing the significant demand for naturally-occurring workforce housing in walkable mixed-use environments,” said Neville Rhone Jr., Co-Founder and Managing Partner of Arc. “Houston, one of the country’s most dynamic and multicultural markets, has long been a target for us and continues to benefit from sustained population and job growth. It has been an honor to work with Midway in a truly collaborative way.”
Additionally, many of the units will be converted into workforce housing as part of Midway’s MPact program, a new initiative within the firm’s property operations division. Aligning with the firm’s values to be purposeful and community driven, MPact seeks to support those who are making a difference in our communities. Designed for professionals earning around 80percentof the area median income, MPact will provide quality housing to those who have dedicated their careers to serving others.
“From its prime location to its unique loft-style apartments, SabineStreet Lofts offers an unmatched urban living experience. In addition to elevatingthe community with new amenities and gathering spaces, we are particularlyproud to introduce our new MPact offering that will expand the opportunity forhardworking Houstonians to live in this desirable community,” said Bo Sanford,Executive Vice President and Chief Risk Officer for Midway. “Through MPact,Midway celebrates and supports the organizations and individuals doing greatthings for the communities in which we operate.”
Additional Midwayproperties that offer MPact units include Braeburn Village, Villa Del Prado and The Laura, which willdebut in 2023 as part of Midway’s future East River mixed-usedevelopment.
For moreinformation on Sabine Street Lofts, visit www.sabinestreetlofts.com.