Trammell Crow Sells 356-Unit Houston Community
A large institutional investor acquired the asset, Yardi Matrix shows.
Trammell Crow Residential has sold Live at Memorial, a 356-unit multifamily property in Houston, according to Yardi Matrix.
MetLife Real Estate Investment has acquired the Class A building for an undisclosed sale price.
The eight-story property came online in 2021 and is currently subject to a $61.5 million loan from Invesco Real Estate, the same source shows. The property had a 97.5 percent occupancy rate.
Located at 5004 Memorial Drive in West Houston, the 3-acre community has access to interstates 10 and 610. Downtown Houston is 4 miles away, while the city’s international airport is 23 miles away.
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Floorplans include one- and two-bedroom layouts, ranging between 593 and 1,374 square feet. Apartments feature custom kitchen cabinetry, wood flooring, balconies and patios, walk-in showers and walk-in closets.
Live at Memorial is a pet-friendly community with resident amenities including a business lounge with a conference room, a first-floor lounge, a swimming pool with cabanas, grills and fire pits, a clubroom and a fitness club with yoga studios.
Houston sales maintain pace
In the first three quarters of this year, Houston recorded $1.8 billion in multifamily transaction volume, with 118 properties trading at an average per unit price of $136,553, Yardi Matrix data shows. The metro’s performance shows only minor differences compared to 2024, when sales totaled $1.8 billion once again during that same time frame, except registering a lower per-unit price, which clocked in at an average of $125,889.
Recent acquisitions include 3 Points Realty’s purchase of Lakes at Madera, a 392-unit residential property in Baytown, Texas. Grow Wealth 2 Retire sold the asset, while BridgeInvest originated a $19 million acquisition loan.
In May, Balfour Beatty Communities picked up River Pointe, a 300-unit garden-style multifamily community in Conroe, Texas. The new owner plans a series of improvements at the property, which was completed in 1999.
