CBRE Global Investors Buys Houston Community
- Apr 20, 2020
Elan Med Center, a multifamily community within the Braeswood Bellaire submarket of Houston, has been acquired by a fund sponsored by CBRE Global Investors. With an address at 7010 Staffordshire St., the six-year-old, 281-unit Elan Med Center is physically within Texas Medical Center (TMC), the world’s largest medical complex. The acquisition reflects the fund’s strategy of investing in target multifamily markets across the U.S.
Featuring a podium-style design, Elan Med Center offers a blend of one- and two-bedroom residences with features and finishes including 10- to 14-foot high ceilings, walk-in closets, stainless steel appliances, quartz countertops and Nest thermostats. An outdoor terrace with grills and a kitchen represents one of the most prominent amenities at the community.
TMC includes more than 60 medical institutions and employs more than 106,000. Elan Med Center benefits from being walking distance from major medical centers within the TMC.
Three weeks ago, CBRE Global Investors made headlines for the acquisition of a pair of Central Florida apartment communities.
Elan Med Center is one of a trio of residential buildings meeting the requirement that those in the resident programs at Memorial Hermann and Texas Children’s Hospitals live within a five-minute commute of those institutions. Because most medical residencies are three to five years in duration and include salary hikes, the apartment community benefits from a stable, high-earning tenancy base. As part of its investment, CBRE intends to capitalize on the apartment community’s favorable rent-to-income ratio. It also plans to implement the CBRE Global Investors A&B Living program at Elan Med Center.
Located near stations of the Houston METRORail, as well as Hermann Park, Brays Bayou Park, Houston Zoo and Cockrell Butterfly Center, Elan Med Center is a 15-minute commute south from downtown Houston. The community stands 30 minutes from the George Bush Intercontinental Airport and 20 minutes from William P. Hobby Airport.