$29 million refinance opens door for 780-unit repositioning of Bella Luna and San Lucas apartments
Houston, TX – (March 18, 2020) — A $29 million refinance has kicked-off the redevelopment of two Southwest Houston apartment communities – Bella Luna and San Lucas. Totaling 780 units in 19 buildings, the two communities are owned by Southern California-based Bolour Associates Inc. (BOLOUR), a privately owned real estate investment, development and finance company, and Houston-based investment and management firm MBMI Global LLC.
The redevelopment project will transform the Class C Bella Luna and San Lucas complexes into modern multifamily communities with brand new kitchens and bathrooms, upgraded interiors with contemporary touches and renovated landscaping, exteriors and common areas.
“Southwest Houston is a submarket in transition and the perfect location for BOLOUR to apply its infrastructure and expertise to realize the full value of these two properties,” said BOLOUR CEO Mark Bolour. “Our creative redevelopment plan will enable Bella Luna and San Lucas to fill the area’s growing demand for high-quality but affordable workforce housing. We’re proud to serve as a long-term community partner in this way.”
Bella Luna and San Lucas are located at 5621 Westward St. and 6111 Glenmont Dr. in Houston. They are less than one-half mile from Interstate 69, two miles from Interstate 610 and minutes from multiple universities, neighborhood shopping and attractions like the Buffalo Bayou Paddling Trail and Houston Arboretum.
Together the two complexes span 19 two-story buildings on more than 20 acres, and 780 units with one- to three-bedroom apartment and townhome configurations ranging from 676 to 1,472 square feet. Property features include on-site laundry facilities, a private pool, children’s playground, high-speed internet and parking.
The renovation will upgrade all 780 units at Bella Luna and San Lucas – an undertaking made possible by a $29 million, five-year refinance loan secured by BOLOUR in late 2019. The property is one of several BOLOUR-owned multifamily assets purchased in Southwest Houston over the past several years.
Renovation activity at Bella Luna and San Lucas is now underway, with expected completion in September 2020.
