White Oak Buys 300-Unit M-F Community; Memorial City Mall Adds Seven New Retailers
- May 08, 2014
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