The company expects similar acquisitions in the next year.
The development will serve residents of the art-centric community surrounding the property.
JLL Capital Markets represented Quintet Capital Group in the sale of the 678-unit property.
Phase two of this Houston community will deliver 138 active adult and independent living residences.
A joint venture with Magma Equities and Pacific Life acquired a total of 820 units.
The 194-unit community will be developed in partnership with Principal Real Estate Investors.