Mill Creek Residential Buys Two Top Apartment Communities
- Sep 10, 2012
In a move toward establishing its strategic presence in Houston, Mill Creek Residential Trust acquired two apartment communities in two distinct urban infill locations.
One of the two assets is La Tour Fontaine, a Class A community set in a core infill location in the Galleria submarket—one of the strongest rental markets in Houston. Consisting of 162 apartment homes, the community offers one- and two-bedroom apartments with an average size of 1,051 square feet and a multi-level parking garage.
The second property is The Place at Greenway community, located within walking distance of Greenway Plaza, one of Houston’s largest employment districts, with more than 4 million square feet of office space and a workforce of approximately 22,000. The community, composed of 219 apartment homes, offers one- and two-bedroom configurations and covered parking throughout.
The acquisitions reinforce Mill Creek’s “buy where we build” strategy to build critical mass in markets characterized by solid employment fundamentals, job growth and consumer demand and where the company has communities under construction or in planning. Mill Creek also acquired the 208-unit Woodmoor community in Austin.
Mill Creek’s dedicated acquisitions group comprises four professionals, who work closely with the company’s local partners to identify strategic investment opportunities. Wes Dickerson, managing director of East Region acquisitions, oversaw the Texas transactions. “A core element of Mill Creek’s acquisitions strategy is to provide multiple rental options to our customers,” he said. “Our ‘buy where we build’ approach allows us to offer both existing and brand-new communities within the same submarket, which extends our reach to a larger customer base and ultimately creates a distinct competitive advantage for the company.”
Image via http://www.theplaceatgreenway.com