HOUSTON — Lion Real Estate Group LLC (Lion), a Dallas-based real estate investment and asset management firm, has acquired the Villages of Briar Forest, a 241-unit community in Houston. Located at 14504 Briar Forest Drive, the property was built in 1999 and underwent a partial renovation by the previous owner.
Lion will continue upgrading the units and overall community. Planned renovations include updating units with new quartz counter tops, vinyl plank flooring, backsplashes, cabinetry and lighting packages. The already-renovated units will see minor upgrades, including quartz countertops in the bathrooms and other aesthetic improvements.
Thomas Alleman of Newmark’s Houston office brokered the deal. Newmark’s debt team out of Los Angeles provided financing for the acquisition. Villages of Briar Forest marks Lion’s second purchase in the Houston market and eighth acquisition in its LREG Multifamily Fund III. The firm’s portfolio now consists of about 6,804 units across the nation.