Exclusive: Greystar, Eaton Vance Make 436-Unit Houston Deal

A fund managed by Eaton Vance has acquired Foundry on 19th and Ellison Heights, two luxury communities totaling 436 units in Houston, according to Yardi Matrix data. Greystar sold the assets.

Both the 284-unit Foundry and the 152-unit Ellison debuted in 2021. Texas Department of Licensing and Regulation filings estimate development costs for Foundry at $72 million, while Yardi Matrix data show Fifth Third Bank issued an $87.8 million construction loan for Ellison in 2019.

Foundry and Ellison rise five and 12 stories, respectively. Apartments feature one- to three-bedroom layouts, including penthouse configurations, that range between 622 and 2,218 square feet across both communities. Each property comprises coworking spaces, clubrooms and swimming pool terraces, among other amenities.

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The two communities are within the same city block at 555 W. 19th St. and 510 W. 20th St., inside the Greater Heights neighborhood. Downtown Houston is roughly 5 miles southeast.

The Heights market had an occupancy rate of 92.1 percent in June, above the market average of 88.9 percent, according to a report by Cushman & Wakefield. Meanwhile, rents were also 26.8 percent higher than the metro reading, clocking in at $1,664.

Eaton Vance’s growing Houston commitments

Eaton Vance’s Real Estate Investment Group manages more than $10 billion in commercial real estate investments, including more than 30,000 multifamily units, according to its website. Morgan Stanley acquired Eaton Vance for $7 billion in 2021.

The firm has been actively expanding across Houston’s residential sector, which continues to experience a shrinking pipeline and strong demand. Earlier this year, Eaton Vance further contributed to the market’s multifamily transaction volume through the acquisition of the 2016-completed Elite 99 West, a 360-unit asset in Katy, Texas, from Electra America, Yardi Matrix data shows.