Natixis, a French investment bank, has originated a $45 million floating-rate, first mortgage loan for the acquisition of Venue Museum District, a luxury multifamily community in Houston. The borrower was Hines Global Income Trust.
Located on 2.3 acres at 5353 Fannin St. in Houston’s Museum District, the 2010-built Class A community offers 244 units in a mix of one- and two-bedroom residences in two mid-rise buildings. Greyco Partners is the property manager.
Residences range in size from 763 to 1,857 square feet, with monthly rents varying between $1,715 for a one-bedroom and $4,093 for a two-bedroom unit. According to a recent Yardi Matrix market report, Houston rent growth is once again outpacing the U.S. average after a prolonged dry spell.
Highlighting the package of common area amenities at Venue Museum District are a sports lounge with multiple televisions, state-of-the-art fitness center and spinning room, and courtyard with heated pool and outdoor kitchen. Features and finishes include custom-stained oak hardwood floors in living, dining and kitchen areas, 10-foot-high ceilings in living areas, floor-to-ceiling windows, in-unit full-size washer-dryers, private balconies, open floor plans, ceiling fans, energy-efficient solar shades and built-in bookcases or computer niches.
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Houston’s Museum District is home to 19 cultural institutions, including museums, galleries, cultural centers and community organizations. Chief among them are Rice University and Hermann Park—a 400-acre oasis that features the Houston Zoo, an 18-hole golf course, planetarium and the Museum of Natural Science. The property is equidistant from the Texas Medical Center, with its 18 hospitals, and Houston’s thriving Central Business District. The light rail system called Metrorail, which links the twin job hubs, features a station one block from Venue Museum District.
Image courtesy of Yardi Matrix