DLP Capital and ORP Investments Acquire Multi-Family Mixed-Use Community in the Heart of Houston’s Booming Submarket; The region is enjoying strong job growth


ST. AUGUSTINE, Florida–(BUSINESS WIRE)–DLP Capital, a private real estate investment and financial services firm, today announced that it has purchased a Houston-area multifamily property, Elan Memorial Park, in partnership with ORP Investments Inc. Texas. The mixed-use property, with 297 upscale residential units and commercial space, is located in Houston’s Neartown-River Oaks submarket, a highly desirable live-work-play environment just four miles from downtown Houston. Houston and close to the Texas Medical Center. The Houston metro area, the fifth-largest in the United States, saw its best-ever job growth in 2021, adding nearly 160,000 jobs, according to the US Bureau of Labor Statistics. Elan Memorial Park will be a dynamic addition to DLP/Capital’s investment portfolio in the region, providing additional economies of scale to the company’s asset management of over 2,500 units across eight properties in the region. expanded from Houston.

“Elan Memorial Park is an exceptional apartment community that adds excellent balance to our multi-family portfolio in the Houston area,” said Don Wenner, Founder and CEO of DLP Capital. “With strong job growth in Houston, we are optimistic for the region. We have multi-family properties with a price range to appeal to a range of tenants in the area.

Elan Memorial Park, located at 920 Westcott Street near Memorial Park, is a nine-story property built in 2016 and features beautifully curved exterior architecture. The property features a top-floor lounge with panoramic views of downtown Houston, as well as an outdoor fire pit and grilling area. Amenities at the property also include a courtyard pool with cafe bar, clubhouse with playground, fitness center, bicycle storage and repair station, and an indoor spa for dogs. Interior features include expansive living areas, 10-13 foot ceilings and ceiling fans, built-in desks and shelving, and private backyards, patios, or balconies. Residents also enjoy more than 17,000 square feet of retail space on the ground floor which includes healthy fast food at Rush Bowls, global cuisine at Union Kitchen, Yellow Cup cafe, hair salon, nail salon, etc.

DLP Capital and ORP Investments are planning light renovations to the otherwise superior condition of the property, including exterior painting, siding updates and landscaping improvements. The property, currently 92% occupancy, benefits from proximity to other affluent Houston neighborhoods, with the Neartown-River Oaks submarket attracting many baby boomers looking to downsize. According to the U.S. Bureau of Labor Statistics, job growth in the Houston area is expected to outpace the national benchmark over the next five years, attracting more renters and boosting Elan Memorial Park’s appeal to residents. investments.

Raj Sarangam, Founder of ORP Investments, added: “This multi-family investment marks the first of what we hope will be many successful partnerships with DLP Capital. We combine the domestic financial strength of DLP Capital with our on-the-ground local market expertise for a strong combination that we believe will lead to long-term collective success.

About DLP Capital

DLP Capital, headquartered in St. Augustine, Florida, is a private real estate investment and financial services firm focused on making an IMPACT on four major crises in America: affordable housing, l employment, inheritance and happiness. The company achieves this by acquiring, developing and establishing relationships, accommodations, leaders and organizations. With over $3 billion in assets under management, DLP Capital has been on the Inc. 5000 list of “America’s Fastest-Growing Private Companies” for 10 consecutive years. The company has a wide range of business divisions and companies, including real estate investment funds, commercial real estate lending, construction management, development, sales, leasing, title services and service loans. Through the proprietary Elite Execution System, along with its proprietary membership platforms focused on scaling business, investment housing, family and wealth, DLP Capital is impacting lives by enabling its customers to choose, create, grow and sustain prosperity. For more information, follow us at @DLPCapital or visit DLPCapital.com.

About ORP Investments Inc.

ORP Investments Inc. is a real estate investment firm specializing in multifamily properties and is based in Cypress, Texas, a submarket of Houston. The company’s investment journey began 10 years ago with investments in single-family rentals, then progressing to retail centers, then shifting to a multi-family focus, including seven multi-family acquisitions during of the last two years. ORP Investments adds value by upgrading classic units, providing modern technology services and cultivating a clean, safe and caring environment for residents. The business has grown to $205 million in assets under management and more than 1,300 apartments.

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