DRA Advisors JV Purchases Houston Community
- Mar 05, 2019
Bridge Investment Group has sold Artesian at Westheimer, a 660-unit luxury community in Houston, to a joint venture between Fogelman Properties and DRA Advisors. The asset last changed hands in 2015, according to Yardi Matrix, when the Carroll Org. sold the property to Bridge.
Located at 13099 Westheimer Road in Houston’s Royal Oaks Country Club submarket, the asset is within 20 miles of downtown, accessible via Interstate 10, or the Westpark Tollway. The community is near two retail centers, home to Target, Marshalls and Walgreens. A bus stop alongside the property provides direct access to the city center.
Artesian at Westheimer’s 62 two-story buildings, constructed between 2006 and 2009, contain a mix of one- to three-bedroom units, with floorplans ranging from 667 to 1,523 square feet. Community amenities include a dog park, a business center, a fitness center, two swimming pools and a playground. At the time of the sale, the asset was 92 percent occupied. The new owner intends to upgrade the apartments and also revive common areas.
“Artesian on Westheimer presents a great opportunity to expand our partnership’s presence in West Houston, particularly within a neighborhood that serves both the Energy Corridor and Westchase employment markets,” said Mike Aiken, vice president of acquisitions for Fogelman, in a prepared statement.
In November, Fogelman acquired a 268-unit luxury community in Jacksonville, Fla., for more than $40 million. The buyer secured $5 million in Fannie Mae financing from Greystone to close the deal.
Images courtesy of Bridge Investment Group