Home » MHN City Pages  »  Houston  

WP HTTP Error: A valid URL was not provided.


White Oak Buys 300-Unit M-F Community; Memorial City Mall Adds Seven New Retailers

8 May 2014, 5:01 am

By Amalia Otet, Associate Editor

Columbus, Ohio-based White Oak Partners L.L.C. has acquired Colorado Club Apartments, a 300-unit multifamily community in East Houston. HFF marketed the property on behalf of the seller, Capital Equity Group of Cleveland. The purchase price was not disclosed.

Colorado Club sits on a 10-acre tract at 794 Normandy St., two miles north of the Houston Ship Channel and Port of Houston, and 9.7 miles east of downtown Houston. It offers a mix of one- and two-bedroom apartment units, averaging 753 square feet. Interiors feature washer/dryer connections, fireplaces, wet bars and spacious layouts. Community amenities include a resort-style swimming pool, fitness center and playground.

The property was 98 percent leased at the time of closing.

The HFF investment sales team representing the seller was led by director Chris Curry, senior managing directors Todd Marix and Todd Stewart and director Tre Banks.

According to Chris Curry, the multi-housing complex has an ideal location in a strengthening submarket of Houston that has no new supply coming online. “Over the next three years, $35 billion will be invested into the Port of Houston, ultimately creating more than 250,000 jobs and increasing demand for housing,” Curry pointed out.

White Oak Partners is a leading privately held sponsor of national multifamily real estate investments. The company acquires, owns and manages a portfolio of apartment communities and is actively pursuing multifamily investment opportunities across the U.S., with a particular focus on the Southeast and Southwest. The management team at White Oak Partners averages over 25 years of experience in acquiring, developing and managing more than $14 billion in real estate in their careers, including more than 140,000 multifamily units.

Meanwhile, MetroNational announced the addition of several new retailers to the epicenter of its mixed-use development in Houston: Memorial City Mall.

Seven new retailers — including Vera Bradley, Banana Republic, Soma Intimates and Chico’s — will set up shop within Memorial City’s premier shopping and recreational destination.

“Our success in bringing on new tenants is a direct result of our current tenants’ retail volumes and the increasing growth and density of the surrounding market,” said Danna Diamond, director of retail leasing for Memorial City. “With over 2 million square feet in office space, multifamily residences within walking distance and proximity to the West Houston area, our tenants are able to tap into a range of customer demographics and convert sales.”

In the past year, the Memorial City Mall saw annual sales per square foot approaching $800.

Photo credit: Memorial City Mall courtesy of MetroNational via PRNewsFoto



Hayman Acquires 518-unit Apartment Community; Richland Acquires Business Park

30 Apr 2014, 11:50 pm

By Amalia Otet, Associate Editor

Troy, Mich.-based Hayman Co. has completed the acquisition of The Lodge at Shadowlake, a 518-unit garden apartment community in West Houston.

Located at 12360 Richmond Ave., the property is conveniently positioned between two of Houston’s strongest employment centers, the Westchase Business District and Houston’s I-10 Energy Corridor. Residents enjoy easy access to the retail amenities on Westheimer Road and proximity to the Westpark Tollway and Beltway 8.

The Lodge at Shadowlake features a mix of one-, two- and three-bedroom apartment homes with nine-foot ceilings, crown molding, computer desks and washer/dryers. The complex also offers an attractive, park-like setting, as well as an updated amenity package including a business center, swimming pool, fitness center and movie theater.

The new ownership plans to implement a value-add program to enhance curb appeal, improve management and drive revenues at the property. Upgrades will include the renovation and remodeling of unit interiors, building exteriors and amenity areas.

Privately owned Hayman Co. owns more than 12,000 multifamily units. Over the past 12 months, the company has acquired 3,031 apartment units nationally, with a capitalized value of $269 million.

Meanwhile, The Richland Cos. has acquired Fairmont PH Business Park, a two-building industrial complex in Houston’s premier southeast submarket.

“Fairmont PH provides Richland access to a high-barrier-to-entry market in an exceedingly desirable location, due to the expansion of the Panama Canal and Houston Ship Channel enlargement,” said Edna Meyer-Nelson, president & CEO. “With its close proximity to the Port of Houston, it is a critical locale for energy and engineering companies, which are driving Houston to become the next gateway city.”

The 66,654-square-foot property is located on a 4.94-acre pad at 11810 Fairmont Parkway and 13501 Bay Area Blvd. Built in 2008, the state-of-the-art, tilt-wall business park offers 28-foot clear heights, dock-high loading capabilities and ample parking.

At the time of closing, the complex was fully leased to four tenants, including Worley Parsons, Orr Safety, the General Services Administration and Coastal HVAC Supply.

Fairmont PH is Richland’s 13th property in Houston. With this acquisition, Richland now owns and manages 1.6 million square feet of commercial real estate property in the market. Richland will handle management at Fairmont PH, as it does with its entire portfolio of 33 properties in four states throughout the Southwestern United States.

Photo credit: The Lodge at Shadowlake via Official Website



Marquette Cos. to Break Ground on 364-Unit M-F Project in Downtown Houston

24 Apr 2014, 1:02 am

By Amalia Otet, Associate Editor

Naperville, Ill.-based The Marquette Cos. plans to break ground on Block 52, a 364-unit apartment building in downtown Houston.

The property encompasses a city block on the northeast side of the Houston CBD and is situated one block from Minute Maid Park.

Among the many premier features, the 29-story structure will showcase two amenity floors including a full-size, resort-style rooftop pool; it will also sport a 589-space private parking garage and approximately 7,700 square feet of ground-floor retail/restaurant space.

Apartment units will range from approximately 600 to 1,800 square feet in size, with rental rates ranging from $2.70 to $2.80 per square foot, as reported by the Houston Business Journal.

The multifamily project is expected to be complete in summer 2015.

Marquette is utilizing the Downtown Living Initiative (Chapter 380) for the development of the high-rise complex and will reportedly receive a $5.5 million benefit from the grant.

In an effort to drive more residential momentum in downtown Houston, the city council recently approved the expansion of the Downtown Living Initiative (DLI) from a cap of 2,500 residential units to 5,000 units by June 30, 2016. This will add 7,500 new residents to downtown, bringing the total to a little over 11,000, according to Downtown Houston.

The DLI is a program that incorporates financial and other benefits to promote the development of mixed-use residential projects. The initiative requires developers to comply with essential guidelines that aid in creating supportive urban designs, with residential streets featuring trees, enhanced lighting, active ground-floor uses and appropriate sidewalk design.

DLI’s first project, SkyHouse Houston, is set to open this summer at 1625 Main St. A joint venture of Batson-Cook Development Co., Peter W. Dienna and Simpson Housing, the 24-story luxury high-rise will include a mix of studio, one- and two-bedroom apartment homes with high-end finishes and amenities.

Rendering of Block 52 in Houston via The Marquette Cos. official website.



Presidium Group, Nessel Development JV Purchases Off-Market Multifamily Community in North Houston

11 Apr 2014, 9:03 pm

By Amalia Otet, Associate Editor

As one of the 10 fastest growing cities in the U.S., Houston continues to attract major investors striving to capitalize on the high demand for multifamily product. Dallas-based Presidium Group LLC is the latest to achieve a purchase, having acquired Live Oak Bend Apartments, a 252-unit multifamily community in North Houston. The purchase was structured as a joint venture with Nessel Development, also of Dallas.

Presidium plans to kick off a major renovation project as part of its strategy to rebrand and reposition the property. Highlights include upgrading of the units’ interior hardware, plumbing, lighting fixtures and appliances, as well as refurbishment of building exteriors, amenities and common areas.

“Live Oak Bend is a well-maintained off-market opportunity that we are purchasing at a significant discount to replacement cost,” said Presidium co-CEO Cross Moceri in a written statement. “The current property’s performance is positive, but also affords the upside potential to significantly increase rental income through value-add renovations.”

Located at 1351 Greens Parkway, the  garden-style community offers a mix of one- and two-bedroom rental apartment homes in a beautifully landscaped neighborhood. Amenities include a swimming pool, tennis court, basketball court, volleyball court, picnic areas with tables and barbecues, fitness center and business center. The Live Oak Bend complex is easily accessible to I-45 and Beltway 8; it is also close to Bush Intercontinental Airport and Northwest Medical Center.

Founded in 2002, Presidium Group is a vertically integrated diversified real estate investment and management firm specializing in opportunistic and value-added transactions throughout the United States. Presidium currently owns and operates more than 7,500 apartment units in Austin, Dallas, Houston, San Antonio and Waco. Its Houston portfolio encompasses more than 3,000 apartment units, according to official statements.

Click here for further Houston market data.

Photo courtesy of Presidium Group



Wood Partners’ Alta Heights Shows Strong Leasing; JV Buys Westchase Office Building

7 Apr 2014, 4:20 am

By Amalia Otet, Associate Editor

Multifamily developer Wood Partners L.L.C. announced that its Alta Heights apartment community in Houston is almost 70 percent occupied. Since the community opened its doors four months ago, it has leased 173 of the 256 available units.

Designed by Womack + Hampton and built by Wood Partners, the luxury multifamily complex sits on 3.5 acres at 145 Heights Blvd., between the historic Heights district and the city’s dynamic Washington Corridor.

The four-story apartment building comprises one- and two-bedroom units. Interiors feature granite countertops, stainless steel appliances, washer/dryers, and garden tubs and showers in select units. Approximately half of the units come with a technology package, including built-in Bluetooth-capable surround sound.

Common amenities include a courtyard with pool, barbecue grills, an outdoor kitchen with TV, a second courtyard with water fountain and grill, a fitness center, a leasing office and a club room with kitchen and bar areas.

Rents range from $1,265 a month for a studio to $2,105 a month for a two-bedroom, according to Wood Partners.

“In addition to offering a quick and easy commute to Downtown, the Medical Center, Greenway Plaza and the Energy Corridor, Alta Heights offers modern, luxurious homes with state-of-the-art amenities,” said Todd Gaines, Wood Partners’ South Texas director. “For residents who want to live in the heart of Houston, Alta Heights is definitely the place to be.”

Meanwhile, Harbert United States Real Estate Fund V L.P., in partnership with Fuller Realty Partners L.L.C., purchased 9801 Westheimer, a 211,125-square foot, 11-story office building .

Built in 1982, 9801 Westheimer is located on a 5.4-acre tract that fronts Westheimer Road in the master-planned Westchase District near the Galleria, one of Houston´s fastest-growing business districts. It was 86 percent occupied at the time of closing, with in-place rental rates below market rates. The new ownership plans to invest additional capital to upgrade and reposition the property.

The acquisition is the fifth joint venture between HUSRE and Fuller, adding to a portfolio of well-located office assets with value-add upside through focused operational management and leasing. According to a statement for the press, Fuller will handle leasing and management for the project.

Photo credit: Alta Heights Houston Luxury Apartments via Official Website







Leave a Reply