Half of the units will be converted to 'workforce housing' with more affordable rents...
A joint venture of Midway and Arc Capital Partners has purchased the Sabine Street Lofts on Buffalo Bayou.Houston-based Midway has teamed with Los Angeles-based Arc Capital Partners to acquire Sabine Street Lofts, a 198-unit apartment complex on the banks of Buffalo Bayou, just west of downtown.
Completed in 2001 by the Hanover Co., Sabine Street Lofts contains a mix of one- and two-bedroom floorplans averaging 1,017 square feet. The loft style units have 10-foot ceilings with exposed ducts, stained concrete and wood flooring and private balconies or patios. Amenities include access to the Buffalo Bayou Park trail, a fitness center, two swimming pools, outdoor fireplaces and sundecks. New amenities and gathering spaces are planned.
"We take great pride in partnering to invest in urban infill properties and creating value for investors while also addressing the significant demand for naturally-occurring workforce housing in walkable mixed-use environments,” Rhone said.
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