Denver, Colorado (August 1, 2024)
Ascentris and Austin-based multifamily operator RPM Living Investments announced the acquisition of Gables River Oaks, a 302-unit, eight-story Class A multifamily property located in the River Oaks submarket of Houston, Texas.
Built in 2014, the property was acquired in July 2024 and marks the first joint venture between Ascentris and RPM Living Investments.
The property will be rebranded as The Anderson at River Oaks, and the new ownership group plans to implement:
- Common-area upgrades
- Unit renovations
These improvements are intended to enhance the property’s positioning within the River Oaks submarket.
Located at the intersection of Kirby Drive and Westheimer Road, The Anderson at River Oaks offers residents close proximity to numerous retail destinations and convenient access to Houston’s largest employment centers.
On-site amenities include:
- Saltwater pool with private cabanas and gas grills
- Fitness center
- Movie theater room
- Conference room
- Game room
“The Anderson at River Oaks is arguably one of the best-located projects in Houston,” said Ron Bonneau, Managing Director of Acquisitions at RPM Living. “Given the low supply environment and very favorable demographics, we have conviction this property will continue to see strong rent growth while maintaining high occupancy.”
“We are excited to partner with RPM Living on this acquisition,” added Baird Rodawig, Vice President at Ascentris. “Their intimate knowledge of the market and submarket has already proven to be invaluable, and we look forward to working together to provide an exceptional living experience for residents.”
RPM Living, an affiliate of RPM Living Investments and the third-largest multifamily property management firm in the United States, will provide property management services for the property.
About RPM Living
RPM Living is a full-service multifamily management company offering management, investment, and development services.
Headquartered in Austin, Texas, RPM Living is ranked #3 on the NMHC Top 50 Largest Apartment Manager list and manages:
- More than 180 clients
- 14 regional offices
- 225,000 apartment units
The firm also maintains an owned portfolio valued at more than $4 billion.
Founded by Jason Berkowitz in 2002, RPM Living has grown to more than 5,000 associates nationwide, operating across 50+ markets and 28 states.
More information is available at RPMLiving.com.
About Ascentris
Ascentris is a real estate private equity firm based in Denver, Colorado that manages a series of fully discretionary institutional vehicles targeting both value-add and core investments across major property types and geographic regions throughout the United States.
Since 2003, the firm’s management team has followed an investment philosophy designed to provide investors access to opportunities ahead of the market while delivering a high level of service, transparency, and accountability.
Ascentris is a privately held and management-owned SEC-registered investment adviser committed to putting its investors’ needs first. Additional information is available at Ascentris.com.
Note: Being a registered investment adviser with the SEC does not imply any specific level of skill or training.
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