HOUSTON – Miami-based Advenir Inc., the most active multifamily buyer in Houston, has purchased another Houston apartment project.
Advenir closed on the purchase of the 320-unit Park Lakes Apartments, located just south of Loop 610 near the Astrodome.
Looking ahead, the Park Lakes Apartments are near the proposed 300-acre University of Texas campus, which has not broken ground.
The seller, Glendale, Calif.-based American Realty Advisors, a firm led by Stanley Iezman, was represented by HFF’s Todd Stewart, Todd Marix, Chris Curry and JC Clements. HFF also arranged Freddie Mac financing for the buyer.
Advenir, based in Aventura, Fla., near Miami, has a $1.6 billion portfolio with 11,000 units.
Advenir has purchased a number of properties in East Houston over the last year. The firm has been focused on Class B, a hot multifamily segment, which has thrived, while Class A has cooled off.
Advenir will rebrand its newest acquisition as the Advenir @ The Medical Center. The property, which is 95 percent leased, will be renovated.
“Having out-of-state buyers like Advenir invest in Houston supports the thought that confidence in the Houston marketplace is not limited to locals,” said Marix. “We have seen capital from across the U.S. and abroad continue to look at Houston. An asset like Park Lakes, with its strategic position next to the Texas Medical Center, captures their attention because it has a demand generator not dependent on the price of oil.”
Oct. 3, 2016 Realty News Report Copyright 2016