Acquisition Announcement – Avery at Deer Park

Richmond, VA – July 1st, 2015 − 37th Parallel Properties (“37th Parallel”), a total return focused commercial multifamily acquisitions and asset management firm, announced today it has recently closed on Avery at Deer Park in Houston, TX.

Avery-1Avery at Deer Park is a 149-unit apartment complex made up of 40 one-bedroom and 80 two-bedroom apartments. The property also features 29 1-bedroom townhome-style apartments.

”Avery at Deer Park is located in an ideal near urban infill location”, Dan Chamberlain, COO of 37th Parallel commented, “In addition, local zoning regulations have constricted inventory in the submarket. As a result, Avery at Deer Park has significant demand with very little competition.

“Avery at Deer Park is located less than 20 miles from downtown Houston and is centered in the U.S. Petrochemical belt. [1] Its proximity to major employers offers residents solid employment opportunities. Additionally, several new plants are either beginning or under construction nearby. These projects invest more than $90 billion dollars which will boost the local economy for years to come.”

Property amenities include a clubhouse, swimming pool and dog park.

Look for additional acquisition announcements later this year and beyond as the firm adds more stable multifamily assets to the portfolio.

37th Parallel Properties provides commercial multifamily investment and asset management services for select private clients across the United States and Internationally. To learn more, visit our website or call 888.837.3720.

1. These are predominantly downstream jobs not subject to oil price fluctuation.

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