Why Waterton Entered Houston
- Jan 28, 2015
Houston—Waterton Associates LLC has entered the Houston market with its acquisition of the Villas at Hermann Park, a 320-unit rental property adjacent to Hermann Park and the Texas Medical Center. Located on Almeda Rd., just south of Houston’s Midtown neighborhood, the property offers a mix of one-, two- and three-bedroom units in 12 four-story buildings, as well as two parking garages.
The 445-acre Hermann Park is home to a number of cultural attractions, including the Houston Museum of Natural Science, Houston Zoo and Hermann Park Golf Course. Residents also have direct access to public transportation, including a shuttle bus service that transports people throughout the Texas Medical Center and has a stop directly in front of the property’s clubhouse.
According to Waterton senior vice president of acquisitions Matt Masinter, Houston added 138,000 residents between 2012 and 2013, more than any other metro area in the country, and experienced strong job growth—thus creating robust demand for housing, especially in infill locations like the area around the Texas Medical Center. The center’s 54 institutions employ about 106,000 people, making it the largest collective employer in Houston.
Common amenities include resort-level lap and recreation pools, two outdoor kitchens with grilling stations, and a clubhouse with a 24-hour fitness center, full-size kitchen and coffee bar, and a business center with two conference rooms. Waterton plans to make improvements to common areas and residential units, such as kitchen and bathroom upgrades, and add of fenced-in backyards for 55 ground-level units, which will appeal to residents with pets.
Villas at Hermann Park is the first property acquired by Waterton in 2015 and expands its footprint in Texas. Currently the company owns five other apartment complexes in Austin and Dallas comprising about 1,400 units.