29th Street Capital has acquired Villas at Hermann Park in downtown Houston from Waterton. This is 15th property the firm has purchased in the Houston metropolitan area.
The 320-unit property, located at 6301 Almeda Road, offers one-, two- and three-bedroom apartments, averaging 1,021 square feet. The seven-building community was constructed in 2000. Unit amenities include semi-private entry, vaulted ceilings and above-standard ceiling heights, private balconies/patios, washer/dryer and microwaves. Fireplaces are available on the top-floor apartments at Villas at Hermann Park.
Resident amenities feature monitored security, two swimming pools, a 24/7 fitness center, a business center and a clubhouse. Outside storage and covered parking are also available.
29th Street Capital intends to make significant improvements to Villas at Hermann Park, with the effort including common area upgrades and a technology package feature smart locks and thermostats in all residential units. Haven Residential, the new owner’s in-house property management company, will oversee management and leasing.
Villas at Hermann Park is directly across the street from Hermann Park, a 445-acre cultural and recreational hub in downtown Houston. The property is 1 mile from the Texas Medical Center and features an on-site stop for the hospital’s shuttle service. It is also one more from the Texas Medical Center Transit Center, located at 6910 Fannin, providing residents with access to the rest of the city and the area’s medical center employment hubs.
The firm has five additional multifamily assets in Houston, including the 350-unit Greenhouse, located at 2040 Greenhouse Road in the Cinco Ranch submarket, and the 224-unit Helix at Med Center, located at 7200 Almeda Road in the Museum District. The Helix at Med Center was previously known as Lincoln Medical Center Apartments.
29th Street Capital has acquired more than 26 multifamily assets across the United States that contain more than 6,000 units in the past year. The company’s portfolio comprises 65 multifamily assets with more than 17,000 units in 20 markets throughout the country and a development pipeline of more than 3,800 units.
Houston has 261 multifamily properties with 67,571 units within five miles of Houston City Hall. Developers have 32 projects with 8,356 units under construction and have planned another 11 with 2,335 units. They have 65 more properties in the works that could add 12,361 units to the inventory.
The city has seen 62 multifamily properties with 14,306 units change hands in the past five years, with an average sale price of $206,176 per unit.