Metro Midtown, a 419-unit luxury community in downtown Houston, has changed ownership. Civicap Partners purchased the property, backed by a $61.7 million Freddie Mac loan originated by Newmark, public records show. A partnership of AllianceBernstein and Merion Realty Partners sold the asset after eight years of ownership, according to Yardi Matrix information.
The community is located at 2350 Bagby St., in proximity of the Metro Rail, connecting the property to several shopping, dining and entertainment options. The controlled-access, pet-friendly property features one-, two- and three-bedroom floorplans, ranging from 691 to 1,378 square feet.
The three-story asset spans roughly 5 acres across 16 buildings dating back to 1998. Common-area amenities include a fitness center, a cyber lounge, a business center, two pools, grilling stations and picnic areas. Apartments have stainless steel appliances, walk-in closets, in-unit washers and dryers, fireplaces, as well as patios or balconies in every unit. Texas-based Allied Orion Group is the new property manager.
Allied Orion Group has a management portfolio of more than 27,000 apartment units across the country and has acquired or developed more than 18,000 multifamily units with a total value of around $2 billion. In July, the company sold a 312-unit luxury community in Houston, in a transaction that represented Stoneweg US‘ entry to the Space City market.