Fat Property Acquires 131 Multifamily Units in Houston’s Midtown

Fat Property, a prominent multifamily investment firm led by Cody Lutsch, has acquired 131 apartment units located in Houston's Midtown district. The transaction involved two multifamily communities, 220 and 230 West Alabama, which were constructed in 1960 and 1965 respectively. These properties offer a mix of studio, one-, and two-bedroom apartment homes.

The seller, an affiliate of Realty Center Management based in Culver City, California, was represented by Berkadia's Houston Investment Sales team. This off-market deal highlights the strong buyer interest in central Houston locations, even for smaller, vintage assets. Fat Property is noted as one of Houston's largest independent apartment buyers, with over 2,000 units primarily within the 610 Loop.

According to Kyle Whitney, Senior Director at Berkadia, the acquisition reflects a broader return of capital to the Houston multifamily market. Investors are finding compelling opportunities to acquire apartments at attractive basis and yield profiles compared to other major markets. This deal underscores the continued appeal of well-located, established properties for investors targeting the Houston area.