Greystar Buys 668-Unit Houston Community

Avana Eldridge, formally known as AMLI on Eldridge Parkway, changed hands after 15 years. The sale was financed through a $65 million Fannie Mae loan.
Avana Eldridge. Image via Google Street View

AMLI Residential has sold the 668-unit Avana Eldridge in Houston to Greystar after 15 years of ownership, per Yardi Matrix information. The new owner financed the acquisition with a $65.2 million Fannie Mae loan originated through Newmark Knight Frank.

Located at 1415 Eldridge Parkway in a dense residential area, the gated community formerly known as AMLI on Eldridge Parkway is 19 miles west of downtown Houston and offers access to retail and dining options. Comprising one-, two- and three-bedroom apartments with floorplans from 643 to 1,575 square feet in 26 two- and three-story building, the asset was completed in 1997 on a 26.6-acre site. Common-area amenities include two pools, a fitness center, a business center, a tennis court and a clubhouse. In April, the community was 93.4 percent occupied, according to Yardi Matrix data.

Recently, Greystar and Banyan Street Capital closed on construction financing and acquired the air rights for Ascent Peachtree in downtown Atlanta. The $125 million, 29-story multifamily project is set to include 345 apartments.