Sunstone Two Tree Acquires Villas Del Paseo in Houston for $28.9 Million

by Channing Hamilton

HOUSTON — Sunstone Two Tree has acquired Villas Del Paseo, a 384-unit asset in Houston’s Westchase neighborhood, for $28.9 million.  Villas Del Paseo was built in 1978. The property offers one-, two- and three-bedroom apartments. Amenities include a pool, fitness center, playground, business center, package services and outdoor grilling and dining stations.

Mark Saunders of Newmark represented the seller, Comunidad Partners, in the deal. The new owner plans to invest about $10.5 million in capital improvements. Exterior renovations will include new paint, roof replacements, lighting, landscaping and signage. Unit interiors will be updated with new flooring, counters, lighting, appliances and cabinetry. Sunstone will also repair balconies and parking lots, update the clubhouse and pool and add dog parks.

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