HOUSTON/ JUNE 27, 2019 (STL.News)
Balcara Group, the Houston-based developer of luxury single-family for-rent communities, has partnered with Montgomery Street Partners, the Dallas-based real estate private equity firm, to acquire a 20.28-acre tract within the 750-acre Balmoral master-planned community in the Houston MSA.
The partners will develop Balcara at Balmoral, a 163-home neighborhood consisting of two and three-bedroom detached single-family residences, all of which will be available for rent. Amenities are expected to include greenspaces, a neighborhood lodge, a fitness room, a children’s playroom, and a playground for both children and adults.
“We are very excited to break ground on Balcara at Balmoral, a new lifestyle opportunity for Houston”, said Paul Davey, Chief Executive Officer of Balcara Group. “We look forward to offering residents a unique combination of four walls with windows, private yards, a two-car garage, a leading amenity package, and on-site professional management, all at rental rates comparable to area apartment properties. Balcara at Balmoral will be the first of many similar neighborhoods in Texas and nationally for Balcara Group.”
Infrastructure development will commence immediately, and home construction is expected to commence in the first quarter of 2020. Initial occupancy is expected for late in the second quarter of 2020. The property will include on-site leasing and management.
The property is located in close proximity to growing employment hubs including George Bush Intercontinental Airport, Generation Park, and the Port of Houston. The community is situated in the award-winning Humble Independent School District and residents are zoned to the recently built Groves Elementary School and Westlake Middle School in The Groves master-planned community, as well as Summer Creek High School.
About Balcara Group, LLC
Balcara Group, LLC was formed in 2018 by real estate industry veterans Paul Davey and Ed Steffelin. Messrs. Steffelin and Davey have known one another since 1994 and have completed multiple transactions together. Together, they have over 50 years and $45 billion of real estate experience across all property types, all levels of the capital stack, and over 12 countries. The Company, based in Houston, is focused solely on the development of luxury single-family for-rent neighborhoods. Mr. Davey leads day-to-day activities of the Company as Chief Executive Officer, and Mr. Steffelin serves as Chief Investment Officer. Please see http://www.balcaragroup.com.
About Montgomery Street Partners
Montgomery Street Partners is the successor to previous entities established through a partnership between Richard C. Blum, Murray J. McCabe and Max Lamont. MSP’s primary investment strategy is to pursue programmatic GP Equity Co-Investments with established institutional-quality operator partners who function within a well-defined real estate sector or theme. Additionally, MSP pursues strategic Entity and Platform Investments in real estate operating companies, as well as Limited Partner investments in individual real estate assets. Since inception of the MSP initiative in 2013, MSP and its affiliates have acquired $1.7 billion of real estate assets, representing $780 million of equity value. Investment areas of focus include single family for rent, purpose-built student housing, high barrier to entry self-storage, high quality manufactured housing communities, seniors housing and specialty care housing.