Balfour Beatty Communities acquired River Pointe, located in Conroe. This is the company’s second multifamily property acquisition in the eastern Texas region this year, after purchasing The Leonard located in Denton in February, and aligns with the division’s targeted expansion strategy for 2025.
River Pointe is a 300-unit, gated, garden-style community. The property features a range of apartment configurations, including 1, 2, and 3-bedroom units. Layouts include large patios and community amenities include a pool, outdoor kitchen, a 24-hour fitness center and a community clubhouse.
According to a Newmark listing, the property had a 3.3% fixed-rate loan expiring in 2030. And over the last twelve months, the property has seen a 3.0% increase in effective rent and maintains an average occupancy rate of 95.5%.
Following the acquisition, a series of enhancements to both the apartment interiors and common areas are planned.
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