Ascentris and RPM Living Investments Purchase Multifamily Building in Houston’s River Oaks Submarket
Denver, Colorado (August 1, 2024) – Ascentris and Austin-based multifamily operator, RPM Living Investments, are pleased to announce the acquisition of Gables River Oaks, a 2014 vintage, 302-unit, eight-story, Class A multifamily property in the River Oaks submarket of Houston, TX. The acquisition, which closed in July, marks the first joint venture for Ascentris and RPM Living Investments. The Property will be rebranded as The Anderson at River Oaks and the new ownership business plan includes common area and unit upgrades to further enhance the Property’s positioning within the submarket.
Located at the intersection of Kirby Drive and Westheimer Road, The Anderson at River Oaks offers residents immediate proximity to numerous retail destinations as well as convenient access to Houston’s largest employment nodes. The Property’s on-site amenities include a saltwater pool with private cabanas and gas grills, fitness center, movie theatre room, conference room, and game room.
“The Anderson at River Oaks is arguably one of the best located projects in Houston,” said RPM Living Managing Director of Acquisitions Ron Bonneau. “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.”
Ascentris Vice President, Baird Rodawig, added, “We are excited to partner with RPM Living on this acquisition; their intimate knowledge of the market and submarket has already proven to be invaluable and we look forward to working with them to provide an exceptional living experience for our 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.
About RPM Living
RPM Living is a full-service multifamily management company offering an innovative and personalized approach to real estate services including management, investment, and development. Headquartered in Austin, Texas, RPM is ranked #3 on the NMHC Top 50 Largest Apartment Manager list, managing more than 180 clients, 14 regional offices and 225,000 units, with an owned portfolio valued in excess of $4 billion. Founded by Jason Berkowitz in 2002, the firm has grown to over 5,000 associates nationwide spread across 50+ markets and 28 states, all of whom share the collective vision to enhance clients’ investments through customized solutions and exceptional resident-centric service. To learn more about RPM, visit 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 the major property types and geographic regions within the United States. Since 2003, Ascentris’ management team has relied on an investment philosophy and organizational structure for the purposes of getting its investors to opportunities ahead of the market and providing an unmatched level of service, transparency, and accountability. Ascentris is a privately held and management-owned SEC-registered[1] investment adviser that maintains an unwavering commitment to put its investors’ needs first. Additional information is available at Ascentris.com.
[1] Being a registered Investment Advisor with the SEC does not imply any level of skill or training.