Dinerstein Cos. Sells 378-Unit Houston Property
- May 08, 2020
The Dinerstein Cos. has sold The Millennium Kirby, a 378-unit community in Houston, Yardi Matrix data shows. Walker & Dunlop originated a $57.2 million Freddie Mac acquisition loan for buyer Hasta Capital. The financing matures in 2030. The sale marks the first time the property has changed hands since opening in 2016.
Located at 7600 Kirby Drive next to a Kroger-anchored shopping center, the asset—now branded as Mezzo Kirby Med Center—is some 6 miles southwest of the University of Houston and 9 miles from the city center. The property is less than 2 miles from Texas Medical Center, the largest medical complex in the world.
Mezzo Kirby Med Center has studio, one-, two- and three-bedroom apartments from 515 to 1,348 square feet. The property’s two five-story buildings’ amenities include a pool, a pet park, bike racks and a fitness center. The asset was certified LEED Gold in 2017 as a result of the property’s green features, which range from an on-site recycling center to electric car-charging stations.
Energy-efficient multifamily development increased by nearly 20 percent between 2017 and 2019, according to the U.S. Green Building Council. Texas ranked as the state with the second-highest number of LEED-certified units, behind only California.