Acquisition marks first partnership between RREAF and Axonic Capital
Dallas, TX– January 16, 2026 – RREAF Holdings, a privately held real estate investment and development firm, in partnership with Axonic Capital, an alternative investment management firm specializing in structured credit and commercial and residential real estate debt and equity, is pleased to announce the acquisition of 2828 at Royal Oaks, a 510-unit garden-style multifamily community located in Houston’s Westchase neighborhood. The transaction represents the first closed joint venture between RREAF and Axonic Capital and further expands RREAF’s presence in the Houston MSA, where the firm currently owns and manages approximately 2,000 multifamily units. The firms expect this acquisition to serve as the first of a programmatic partnership focused on the acquisition and repositioning of multifamily assets.
Built in 1995, 2828 at Royal Oaks consists of 27 two- and three-story residential buildings offering one- and two-bedroom floorplans. The community benefits from strong connectivity to major transportation corridors, providing convenient access to Houston’s largest employment centers, as well as nearby retail and dining destinations. The asset’s vintage and scale position it well for a comprehensive value-add strategy supported by favorable Westchase submarket fundamentals.
“Houston remains a core market for RREAF, driven by its economic diversity, population growth, and sustained rental demand,” said Brad Webb, Chief Investment Officer of RREAF Holdings. “This investment reflects our continued confidence in the market and marks an important milestone with Axonic Capital as we launch our first joint venture together. It also represents our third distressed multifamily acquisition of 2025, underscoring what has been an exceptionally active and opportunistic buying environment for RREAF. We see meaningful opportunity to enhance the community through a disciplined value-add program while delivering strong, risk-adjusted returns.”
“We are pleased to partner with RREAF on the revitalization of 2828 at Royal Oaks,” said Eric Sitman, Managing Director and Portfolio Manager at Axonic Capital. “This transaction allows us to further our investment in Texas, a high-conviction growth state experiencing strong demographic and economic tailwinds. 2828 exemplifies our focus on sound, fundamentally strong real estate with a broken capital structure, providing a clear path to value creation for our investors. We hope this is the first of many opportunities with RREAF.”
This acquisition marks RREAF’s first investment in Texas since 2021 and signals a renewed focus on the state, with particular emphasis on the Dallas–Fort Worth and Houston MSAs. RREAF continues to target opportunities that allow the firm to build scale in core Sun Belt markets through disciplined acquisitions and operational execution.
As part of the acquisition, RREAF will implement a robust capital improvement plan designed to modernize the property and elevate the resident experience. Renovations will begin immediately, with approximately 37% of units scheduled for renovation within the first year. Planned improvements include a full rebrand of the community to AURA at Westchase, new signage, upgraded clubhouse and amenity spaces, full interior upgrades, and landscaping enhancements.
The property will be managed by RR Living, RREAF Holdings’ in-house property management platform. RR Living will focus on operational optimization, service excellence, and community engagement to support the asset’s repositioning and long-term performance.
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About RREAF Holdings
Founded in 2010 and based in Dallas, RREAF Holdings LLC (“RREAF”) is a privately held, vertically integrated real estate investment and development firm focused on value creation across high-growth U.S. markets, primarily throughout the Sun Belt. The firm specializes in the acquisition, development, and repositioning of complex real estate assets, with a core emphasis on programmatic value-add multifamily investments.
Since inception, RREAF has completed more than 130 transactions and acquired and developed over 23,000 units and keys. Multifamily represents the firm’s largest operating platform, with ownership and management of more than 50 communities totaling over 12,000 units across 13 states. In aggregate, RREAF oversees more than 90 assets representing approximately $4.7 billion in assets under management.
About Axonic Capital
Founded in 2010, Axonic Capital is a New York-based alternative investment manager with approximately $7.6 billion in assets under management. The firm has deep expertise in structured credit, commercial and residential real estate debt and equity, and systematic fixed income. Axonic’s flexible capital base includes private limited partnerships, separate accounts, insurance company mandates, and publicly listed fund structures. For additional information, visit axoniccap.com.
Media Contact for RREAF Holdings:
RREAF@5wpr.com
Media Contact for Axonic Capital:
Profile Advisors
pro-axonic@profileadvisors.com
SOURCE RREAF Holdings LLC
