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Transwestern: Multifamily Sold in Prime Location

Transwestern marketed and sold this multifamily project, which is in a prime location for commercial development.

Transwestern marketed and sold this multifamily project, which is in a prime location for commercial development.

HOUSTON – Moody National Cos. is planned to develop a mixed-use project on the site of an apartment community it has acquired near Memorial City Mall in west Houston, according to Transwestern.

The apartment community site is near the Katy Freeway and Bunker Hill Road and would be suitable for retail, office, hotel or multifamily. In the near term, though, Houston-based Moody National will continue to operate the 164-unit Le Renaissance as a residential rental project.

Transwestern’s Houston Multifamily Investment Services Group’s Managing Director Ed Cummins and Senior Associate Ryan Mendez represented the seller, Texas Pinnacle Apartments.

“Le Renaissance is a very unique asset that generated considerable attention from the market,” said Cummins. “Arguably one of the finest locations in Houston, prospective purchasers were divided evenly between value-add apartment operators and investors looking to redevelop the site for another use.”

Located at 970 Bunker Hill Road, just south of Interstate 10, Le Renaissance benefits from an average daily traffic count of more than 300,000 vehicles. The property is in close proximity to more than 12 million square feet of new Class A office developments, including the 240,000-square-foot Cemex headquarters office.

May 18, 2016

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