New York, NY June 06, 2026 --(PR.com)-- Longacre Acquires 541-Unit Houston Multifamily Community, Scaling Joint Venture's 17-State Turnaround Platform
Property: 5300 W. Gulf Bank Rd., Houston, TX 77088
PH Realty Capital and Rockledge principals collectively own workforce-housing assets across 17 states. Longacre is the institutional vehicle through which the partners pursue large-scale distressed multifamily acquisitions.
Longacre, the joint venture between PH Realty Capital and Rockledge, today announced the acquisition of a 541-unit multifamily community in Houston, Texas, an extremely distressed property. The transaction is Longacre's largest single multifamily acquisition to date in Texas and reflects the joint venture's expanding scale within an established national platform.
The principals of Longacre, Peter Hungerford of PH Realty Capital and David Kaye and Joe Listhaus of Rockledge, collectively own and operate workforce and special-situations real estate across 17 states. The combined operating footprint spans the Northeast, Mid-Atlantic, Midwest, South Central, and Mountain West regions. Longacre is the institutional acquisition vehicle through which the partners are scaling that activity into larger, more complex multifamily transactions.
"Houston is the latest market in a national footprint we've been building for years," said Peter Hungerford, founder of PH Realty Capital. "Our existing portfolio runs from New York through the Midwest into the South-Central states. What's new is the scale. Longacre is the vehicle that lets us pursue 500-plus-unit distressed transactions with the same operational discipline we've applied to every asset we own, big or small."
Longacre recently divested a similar size and scale asset in Webster, NY; Country Manor Apartments. This property was purchased in 2021 under distressed circumstances. We stabilized the asset and sold it to one of the country’s largest apartment investors. The partnership has executed some of the most complex multifamily transactions of the current cycle in NYC, including the 2024 acquisition of 24 multifamily buildings for $180 million and the 2025 acquisition of 34 rent-regulated Bronx properties from a Related Companies fund for $192.5 million, one of the largest rent-stabilized portfolio trades of the cycle.
"We've been buying, fixing, and operating workforce housing across the Midwest and South-Central states for years," said David Kaye, Co-Founder and Principal of Rockledge. "What's changed is that the dislocation in workforce multifamily, particularly assets financed with floating-rate bridge debt at peak basis, has created the kind of scale and complexity Longacre was built for."
The Houston community experienced operational and capital-structure distress prior to acquisition. Longacre is implementing a turnaround plan focused on stabilizing operations, completing deferred capital projects, and preserving the property's role as workforce housing in its submarket.
"Every deal comes down to three questions: the basis, the business plan, and the numbers," said Joe Listhaus, Co-Founder and Principal of Rockledge. "Get one wrong and the other two won't save you. Special servicers and lenders bring us deals because they know we've done the work on all three before we commit."
Longacre is actively pursuing additional large multifamily distressed and special-situations opportunities nationally, with a focus on assets of 200+ units in or around major markets. The joint venture transacts as a principal and is structured to move with the speed and certainty preferred by special servicers, CMBS workout groups, lenders, and sponsors seeking discreet, clean exits.
About Longacre
Longacre is the institutional joint venture between PH Realty Capital and Rockledge through which the partners pursue large-scale special-situations and distressed multifamily acquisitions. As of May 1, 2026, Longacre has assets under management of $1.5B. The principals collectively own and operate workforce and value-add real estate across 17 states. Longacre is actively investing in 200+ unit multifamily turnaround opportunities nationally.
About PH Realty Capital
PH Realty Capital, founded by Peter Hungerford, is a New York based real estate investment firm focused on workforce and rent-regulated multifamily acquisitions and special-situations investing across the United States.
Media Contact
deals@phrealtycapital.com
(212) 498-0010
phrealtycapital.com
About Rockledge
Founded in 2013 by David Kaye and Joe Listhaus, Rockledge is a vertically integrated real estate operating company with a portfolio of approximately 7 million square feet, specializing in deep value-add and opportunistic investments across multifamily, hospitality, and commercial real estate.
Media Contact
hello@rockledgecre.com
(212) 481-4100
rockledgecre.com
Contact Information:
Longacre Asset Management LLC
Peter Hungerford
212-498-0010
Contact via Email
longacremgmt.com
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