Madera Residential Buys Houston Asset
- Aug 13, 2021
Madera Residential has acquired La Maison River Oaks Apartments, a 432-unit community in Houston, from JPMorgan Asset Management.
CBRE Global Investors provided a $67 million acquisition loan for Madera Residential. Newmark arranged the funding on behalf of the borrower.
According to Yardi Matrix, the property last traded in 2012 when the current seller purchased La Maison River Oaks Apartments for $87.6 million from ZOM.
Located at 2727 Revere St., the four-story property provides one- and two-bedroom apartments with floorplans ranging from 702 to 1,251 square feet. The 2009-built community sits on a nearly 6-acre site.
La Maison River Oaks Apartments feature three courtyards, two swimming pools, a spa, a rooftop terrace, a fitness center, a business center, a resident clubhouse, a pet park and a barbecue grilling area.
The property places residents within walking distance of several shopping and dining options. Downtown Houston is less than 5 miles northeast of La Maison River Oaks Apartments, while Texas Medical Center and the Houston Zoo are within 4 miles of the property.
According to Yardi Matrix data, the Houston market has strengthened its recovery with rent growth only 20 basis points lower than the national average measured on trailing three-month basis through May.