AvalonBay Sells Houston Property for $98M

Alliance Residential financed the acquisition of the 474-unit Archstone Toscano through a $66.7 million, four-year loan from Zions Bank.
Archstone Toscano. Image courtesy of Yardi Matrix

Alliance Residential Co. has acquired the 474-unit Archstone Toscano in Houston from AvalonBay Communities. The property traded for $98 million and the buyer took out a $66.7 million, four-year loan from Zions Bank, per Yardi Matrix information.

Located at 2900 N. Braeswood Blvd. in a dense residential area, the four-story building was completed in 2014 on a 7.8-acre site. The community features a mix of studio, one-, two- and three-bedroom apartments, with floorplans ranging from 642 to 1,745 square feet and common-area amenities that include two pools, a spa, a business center and a playground. The gated community is adjacent to Brays Bayou, is less than 3 miles from NRG Stadium and less than 7 miles from downtown Houston. The asset was 94.7 percent occupied as of March, according to Yardi Matrix data.

At the beginning of the year, Alliance Residential Co. sold Stella at Riverstone in Sugar Land, Texas, to Cardone Capital. The 351-unit garden-style property is less than 17 miles from Archstone Toscano.