BOW RIVER RE-ENTERS THE REAL ESTATE MARKET WITH $220 MILLION OF MULTIFAMILY ACQUISITIONS IN THE RODEO REGION

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DENVER, Nov. 4, 2024 ~ Denver-based alternative asset manager, Bow River Capital, has recently made a significant move in the real estate market with the acquisition of four multifamily assets in the Rodeo Region. This region includes 14 states in the Rocky Mountain West and Southwest. The acquisitions were made by Bow River's Real Estate Team between July and September 2024.

One of the properties acquired is Flats on Tanglewilde, a Class A apartment complex located in Houston, Texas. Built in 2013, this 256-unit complex boasts a high occupancy rate of 92%. According to Moody's Analytics data, Houston is projected to gain 389,000 residents by 2028, an 8% increase in population from the US Census Bureau's July 2022 estimates. This makes Houston the fourth largest MSA in the US. Flats on Tanglewilde offers a mix of two-bedroom (25%), one-bedroom (64%), and studio (11%) units. The property also offers luxurious amenities such as a business center, fitness center, swimming pool, and picnic area with barbecue facilities.

In San Antonio, Bow River acquired Cottages at Leon Creek, a Class A build-for-rent townhome community consisting of 284 units. This property was built in 2012 and underwent renovations in 2023. It stands out in the market due to its low density and expansive 54-acre site with private yards. Among its five closest comparable build-for-rent properties, Cottages at Leon Creek is the only one offering unique amenities such as a pickleball/basketball court, private workstations, an arts and crafts room, a cinema room, a game room, and direct access to greenway trails. The property is conveniently located near major employers such as South Texas Medical Center and USAA HQ.

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Another property acquired by Bow River in Houston is Knox at Westchase. This Class B apartment community consists of 518 units spread across 20 three-story garden-style buildings. With a diverse unit mix of three-bedroom (5%), two-bedroom (40%), and one-bedroom (54%) units, the property currently holds a 92% occupancy rate as of October 2024. Its location provides easy access to key employment hubs and nearby retail amenities. The community offers various amenities, including a fitness center, two pools, and controlled access gates. Since 2017, approximately $4.7 million has been invested in capital improvements for this property. Bow River plans to continue the successful value-add program implemented by the previous owner.

In Kansas City, Bow River acquired two Class A multifamily projects: Gallerie (361 units) and Icon (57 units). Both properties were constructed in 2020 and are located in the Hospital Hill neighborhood adjacent to Crown Center. These projects are expected to benefit from the upcoming KC Streetcar expansion, with a new stop being built just one block away. This will connect the properties north to Kansas City's central business district and south to Country Club Plaza and UMKC's university. The Streetcar is set to open to the public in 2025. The area is home to 12 healthcare institutions employing over 16,000 individuals as well as Hallmark's corporate headquarters, ensuring a steady demand for housing. UMKC has also recently announced a $120 million expansion of their medical campus. Bow River acquired these properties at an impressive occupancy rate of 95%. Their investment strategy focuses on acquiring stabilized, newer Class A assets in a supply-constrained market experiencing strong rent growth, with organic upside in the submarket.

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Bow River Capital's recent acquisitions demonstrate their confidence in these markets and their commitment to providing high-quality multifamily housing options for residents in these regions. With their expertise in alternative asset management, Bow River is poised for success with these new additions to their real estate portfolio.
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