PGIM, Hanover Snap Up Houston Property
- Dec 05, 2017
PGIM Real Estate and Hanover Co. have formed a joint venture to acquire an apartment community formerly known as Mosaic at Hermann Park. The Houston property has been rebranded as Hanover Hermann Park.
Hanover Hermann Park is a 29-story, 396-unit apartment community on 2.35 acres, with 20,087 square feet of ground-floor retail space, and proximity to the 445-acre Hermann Park. The park itself counts as an amenity, with the Houston Zoo, Miller Outdoor Theatre, the Houston Museum of Natural Science, Houston Garden Center and Hermann Park Golf Course within its bounds.
Common amenities at the property include concierge and valet services; a 6,500-square-foot sky lounge overlooking Hermann Park; a 6,000-square-foot fitness center with boxing room; infinity pool with private cabanas; outdoor fire pits and grilling area; and a dog park. There is also shuttle service to the Texas Medical Center.
PGIM Real Estate, acting on behalf of institutional investors, is the real estate investment business of PGIM, the $1 trillion global investment management businesses of Prudential Financial Inc. Hanover Co. is a Houston-based private real estate firm specializing in residential properties.
“We will consider additional Houston-area multifamily investment opportunities over time,” said Alfonso Munk, Americas chief investment officer at PGIM Real Estate, citing favorable demographic trends in Houston. The Hanover Hermann Park deal comes on the heels of the acquisition of LaCenterra at Cinco Ranch, a 412,900-square-foot outdoor mixed-use retail lifestyle center in nearby Katy, Texas, a suburb of Houston.
In addition to its ownership stake, Hanover has assumed responsibilities for the leasing, operation and management of Hanover Hermann Park. Mark Seedorff, Atlanta-based executive director, South Region Transactions at PGIM Real Estate, facilitated the transaction.