Eastern Union Funding arranged a $14 million loan on behalf of Lone Star Capital Group—led by Kent Piotrkowski and Rob Beardsley—for its acquisition of Cranbrook Forest, a 261-unit apartment complex in northwest Houston. The transaction marks another Houston multifamily deal this year that Eastern Union helped to finance and underscores the high interest in the metropolitan area.

Built in 1983, Cranbrook Forest at 13875 Ella Boulevard features one- and two-bedroom units with five large floor plans. The 17-building property sits on almost 11 acres and includes a swimming pool, fitness center and leasing center. The complex is located in the desirable Spring ISD school district with easy access to I-45, Beltway 8, George Bush Intercontinental Airport, shopping, dining and public transportation.

An extensive unit renovation and other capital improvements are planned, including installing new washer/dryer units in each apartment and renovating the interiors. Additionally, Lone Star plans to add or upgrade the community playground, dog park, poolside picnic and barbecue area, leasing office and fitness center. It also intends to switch out all exterior lighting with LED bulbs and install security cameras throughout the property.

“Investor interest in Houston’s multifamily market continues unabated given the favorable fundamentals this year,” said Eastern Union Senior Managing Director Michael Muller, who arranged the financing with Marc Belsky. “Eastern Union continues to match these national investors with the ideal financing solutions to help them grow their portfolios in this highly desirable market.”

Houston is a rental mecca, with the third-highest number of occupied apartments in the nation. Experts expect the city will add anywhere between 45,000 and 75,000 jobs this year alone, largely buoyed by the recent increase in crude oil prices. To meet the new population growth, the city needs to add another 12,000 apartment units this year in addition to the 420,000 existing units.