Friday , 19 July 2019
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Major Multi-Family Portfolio Sold Near Texas Medical Center

Multifamily project near Texas Medical Center in Houston.

Multifamily project near Texas Medical Center in Houston.

HOUSTON –  The Texas Medical Center Portfolio, which is comprised of El Mundo Park, Plaza Del Oro and San Marin, three Class A multi-housing communities near the Texas Medical Center in central Houston has been sold to an Atlanta group.

HFF marketed the portfolio on behalf of the seller, LeCesse Development Corp.  Entities owned by Georgia-based JMG Realty Inc. purchased all three properties for an undisclosed amount.

The portfolio totals 470 units, is 96 percent leased overall, and is within two miles of the Texas Medical Center within Loop 610 in central Houston.  El Mundo Park is located at 8300 El Mundo Street and has 192 units.  Plaza Del Oro is a 66-unit property at 2700 Holly Hall Street.  San Marin has 212 units and is located at 8181 El Mundo Street.

The HFF investment sales team representing the seller was led by senior managing directors Todd Stewart and Todd Marix and directors Chris Curry and Tre Banks.

Since 1970, LeCesse Development Corporation and its affiliates have developed and built real estate income properties with a value of more than 1.5 billion dollars. Although LeCesse’s primary focus has been multifamily residential development, the company’s portfolio has also included Class A office space, health care, senior housing, and a variety of industrial, institutional and commercial enterprises.

For over two decades JMG Realty has flourished as a fully disciplined real estate company, focusing on management, redevelopment, financial, and investment services for multi-family real estate properties, servicing both private and institutional owners. With headquarters in Atlanta, Georgia, JMG Realty continues to acquire properties throughout the Southeast and Southwest and to expand its national presence with regional and divisional offices located throughout the Northeast, Mid-Atlantic, Southeast and Southwest.

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