NAPLES, Fla.--(BUSINESS WIRE)--

Halstatt Real Estate Partners, a real estate private equity firm, today announced the acquisition of The Fountains of Conroe, a 270-unit multifamily community located in Conroe, Texas. Halstatt acquired the property in partnership with Expedition Capital Advisors (“ExCap”), a Dallas-based multifamily investment firm.

“Conroe’s proximity to Houston’s thriving energy sector and the Port of Houston, coupled with its location adjacent to the highly desirable Woodlands master-planned community, makes this a particularly compelling opportunity,” said Steven Iannaccone, managing principal at Halstatt Real Estate Partners. “We are pleased to partner with ExCap to reposition this 2008-vintage property, which benefits from significant barriers to entry for new development. Though the community is in solid condition and a prime location, we see room to upgrade the interiors and amenities to enhance its competitiveness and capture additional rent growth.”

Following the acquisition, the partnership will launch a comprehensive value-add strategy aimed at elevating the property to the top of its competitive set while maintaining rental levels below new Class A properties. Planned improvements include selective renovation of the property’s units from their original condition, reconfiguring and modernizing the clubhouse, and completing exterior enhancements such as repainting, roof replacements, and general site upgrades.

Halstatt Real Estate Partners identifies value-add and opportunistic real estate projects throughout Florida, Texas and the Southeast, partnering with experienced sponsors to implement strategic business and capital improvement plans. In this investment, Halstatt will collaborate with ExCap, a firm with deep local expertise and operational presence, having owned and asset-managed nearly 7,000 apartment units across Arizona, North Carolina, and Texas, including more than 1,400 units within the Houston metropolitan area.

About Halstatt Real Estate Partners

Halstatt Real Estate Partners (“HREP”), a women-owned real estate private equity firm, has participated in the acquisition and development of over $1.5 billion in Southeast based real estate assets since 2011. Founded by the Sproul family, based in Naples, Florida, and a proud part of the Collier Family legacy in Southwest Florida, HREP invests in middle market, value add and opportunistic rental housing investments as well as distressed debt opportunities. HREP invests alongside a cross-section of institutional limited partners from fund to fund including charitable foundations and endowments, domestic and international family offices, and corporate pension funds with a history of continuity. www.halstattrealestate.com

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Source: Halstatt Real Estate Partners