Houston Apartment Community Sold by Lupert-Adler Partners
- Nov 26, 2014
Houton—Tiburon, a 320-unit Class A apartment community in Houston has been sold by Lubert-Adler Partners to a private individual. ARA Real Estate Investment Services represented the Philadelphia-based company in the transaction.
The high-end, modern apartments of Tiburon feature dark-stained cabinets, black appliances, faux wood blinds and crown molding. Community amenities include a clubhouse, business center, fitness center and swimming pool.
Willowbrook Mall and Willowbrook Plaza, boasting a combined 1.8 million square feet of retail space, are nearby to serve the shopping needs of Tiburon residents.
Convenient access to employers is among the strong upsides Tiburon offers to residents. The six-year-old apartment community, located at 8989 West Road, is situated fewer than two miles from the major industrial employment corridor represented by Highway 290, including the Sam Houston Tollway. Its employers include Enterprise Products, Halliburton, Exxon, Toyota, Siemens, FedEx, Randall’s Distribution Center, National Oilwell Varco, Baker Hughes, Cameron, Weatherford and Oceaneering.
State Highway 249, three miles from Tiburon, is known as the “Technology Corridor.” Employers like Noble Energy, HP and Lonestar College University are among major job providers lining that corridor. Highway 249 is also home to Chasewood Technology Park and Willowbrook Hospital. The Greenpoint Business District and its many businesses are also conveniently located to Tiburon.
Lubert-Adler acquired Tiburon in 2011 from UDR, Inc., the original developer. The property was one component in a larger, value-add multifamily investment strategy, and part of a $2 billion multifamily property portfolio encompassing 52 separate investments that Lubert-Adler acquired and eventually repositioned between 2010 and 2013. A substantial number of them have now been sold.
Houston, the largest city in Texas, has witnessed substantial growth in recent years. Joel Kotkin and Tory Gattis, in an article published in the Wall Street Journal on July 14 of this year, referenced a Pitney-Bowes study forecasting Houston would record the highest growth in new households of any of the nation’s major cities between 2014 and 2017.