Lone Star Capital Group has acquired Parc at Champion Forest, a 232-unit garden-style workforce community in Houston. Walker & Dunlop’s Investment Sales team brokered the deal on behalf of the seller, Commerce Capital Partners. At the same time, the brokerage firm's Capital Markets team secured financing for the buyer.

Although the seller has recently renovated 95 of the 232 units, the 2000-built property provides further value-add opportunities for the buyer. The asset is subject to a land-use restrictive agreement, which is set to expire in May 2023.

Thanks to its value-add potential, coupled with its location at 5330 Bammel N. Houston Road in the Champions area, Parc at Champion Forest can provide long-term stability through future rent growth and appreciation in the neighborhood given its limited new supply, according to prepared remarks from Ryan Epstein, managing director at Walker & Dunlop. Steady employment and population growth in Houston will also likely sustain demand for the foreseeable future.

The three-story Parc at Champion Forest encompasses 112 one-bedroom, 108 two-bedroom, and 12 three-bedroom apartments featuring private balconies or patios. Located along Bammel North Houston Road, the property is 20 miles from downtown Houston and provides easy access to several retail options, including Willowbrook Mall, Willow Center, and North Oaks Shopping Center.