Exclusive: MetroNational Lands $83M for Houston Apartment Tower
The asset is located within a 300-acre mixed-use development.
MetroNational has secured a $82.7 million loan from Freddie Mac for The McKinley at Memorial City, a 278-unit Class A multifamily property in Houston. Yardi Matrix first reported the deal.
The Freddie Mac mortgage was originated by Jones Lang LaSalle and has a maturity date set for 2035.
Completed in 2022, The McKinley at Memorial City is located at 9757 Katy Freeway, in the metro’s Bunker Hill Village submarket.
It’s a 25-story building with floorplans ranging from one- to three-bedroom units, with an average unit size of 1,202 square feet. Apartments feature 10-foot ceilings and floor-to-ceiling windows, soaking bathtubs, kitchens with dry bars, dining spaces and balconies, with select units featuring private yards. Additionally, the property includes a penthouse collection with two- and three-bedroom layouts.
Common-area amenities at the pet-friendly community comprise a fitness center, a swimming pool with private cabanas, a movie theater, clubroom with a golf simulator, a wine bar, an on-site restaurant, and a sun terrace with outdoor grills, an entertainment area and dog park. Other amenities include services such as EV charging stations, dry cleaning services and bike storage.
The 4-acre community and is close to Interstate 10 and to Beltway 8, allowing easy access to much of Harris County. Downtown Houston is 13 miles away, while George Bush Intercontinental Airport is 13 miles further.
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The McKinley at Memorial City is part of MetroNational’s Memorial City development, a mixed-use neighborhood that includes nearly 10 million square feet of real estate spread across 300 acres. Memorial City currently includes five residential projects totaling 870 units, a hotel, a 2.3 million-square-foot medical center and a regional mall.
Houston’s mixed metrics
Houston multifamily fundamentals showed mixed signals at the start of the summer, according to a recent Yardi Matrix report. The employment markets marked a 1.3 percent gain as of March, or 36,000 net jobs over the past 12 months. Over the same period, the metro’s multifamily development comprised 5,224 units already delivered, with another 25,981 under construction.
In September, Vero Capital landed a $86 million refinancing agreement for a 404-unit luxury multifamily property in the city’s Montrose neighborhood. The funding was provided by Siguler Guff & Co., LP and Benefit Street Partners. The package is comprised of five-year senior loan and mezzanine debt.
