Alliance Acquires 308-Unit High-End Community; HFF Arranges Sale of 3-Property M-F Portfolio Near Texas Medical Center
- May 29, 2014
By Amalia Otet, Associate Editor
Phoenix-based Alliance Residential Co. has acquired City Park, a 308-unit, Class A multi-family community in Houston, from Fulton Property Group of San Antonio.
HFF brokered the transaction on behalf of the seller and arranged acquisition financing for the buyer through a life insurance company.
Formerly known as The Retreat at City Park, the community is located at 1640 East TC Jester Blvd. between Downtown Houston and the Galleria within Houston’s Inner Loop. The 10.75-acre site has direct access to the White Oak Bayou hike and bike trail on the edge of The Heights.
Completed in 2003, the multi-housing complex offers a mix of one-, two- and three-bedroom luxury apartment homes with an average unit size of 836 square feet. Interiors showcase high-quality finishes and features, including stainless steel appliances, granite countertops, oversize closets, in-home washers and dryers, in-suite fireplaces, wood-style flooring and garden-style soaking tubs. Common amenities include a resort-inspired pool with waterfalls, a picnic area, a fitness center, covered parking, an executive business center, controlled access and online payment services.
The property was fully leased at the time of closing.
Senior managing directors Todd Marix and Todd Stewart joined directors Chris Curry and Tre Banks, all with HFF, in arranging the transaction for the seller. HFF’s debt placement team representing the buyer was led by director Colby Mueck.
“City Park is one of the last Inner Loop garden-style communities built in Houston before land values required higher-density/mid-rise developments, offering a sustainable competitive advantage that will benefit new ownership for years to come,” said Marix.
Meanwhile, entities affiliated with JMG Realty Inc. acquired The Texas Medical Center Portfolio for an undisclosed amount. The portfolio consists of El Mundo Park, Plaza Del Oro and San Marin, three Class A multi-housing communities near the Texas Medical Center in Central Houston.
HFF marketed the assets and negotiated the transaction on behalf of the seller, LeCesse Development Corp.
According to HFF, the 470-unit portfolio is 96 percent leased overall. It is situated in close proximity to the Texas Medical Center within Loop 610. El Mundo Park is located at 8300 El Mundo St. and includes 192 units. Plaza Del Oro is a 66-unit property at 2700 Holly Hall St. San Marin features 212 units and is located at 8181 El Mundo St.
Photo credit: City Park Boutique via Official Website