Midway, Arc Capital Partners acquire Sabine Street Lofts with plans to add workforce housing

Officials with the real estate firm Midway and the investment manager Arc Capital Partners announced Nov. 9 a joint venture to acquire the 198-unit Sabine Street Lofts with plans to renovate the property and add workforce housing.

Built in 2001, Sabine Street Lofts provide Class A, loft-style apartment units at 150 Sabine St., Houston, near where Buffalo Bayou travels into downtown Houston at I-45. One-bedroom and two-bedroom units are available ranging from 740-1,461 square feet.

Room amenities include granite countertops, 10-foot ceilings, in-unit washers and dryers, and private balconies or patios. Community amenities include gated entrances, a fitness center, two resort-style swimming pools, outdoor fireplaces and sundecks. As part of the renovation, the site's new owners said they will upgrade common areas.

In a statement, Jamie Bryant, Midway's president and chief operating officer, said Midway and Arc plan to target similar properties throughout Texas in "urban infill neighborhoods." Officials also said they will use the project to address demand in the city for more affordable workforce housing.

In a Nov. 9 press release, officials said some units will be converted into workforce housing as a part of Midway's MPact program, a new program catering to professionals earning around 80% of the area median income. A spokesperson confirmed half of the units, or 99 in total, will be reserved for Houstonians making between 80%-120% of area median income.

“In addition to elevating the community with new amenities and gathering spaces, we are particularly proud to introduce our new MPact offering that will expand the opportunity for hardworking Houstonians to live in this desirable community,” said Bo Sanford, Midway's executive vice president and chief risk officer, in a statement.

www.sabinestreetlofts.com