HOUSTON – (Realty News Report) – Banyan Residential has acquired the 375-unit Lofts at the Ballpark, a residential property near Minute Maid Field where the Houston Astros typically play ball.
Los Angeles-based Banyan Residential closed the transaction in conjunction with its financial partner Marble Capital, a Houston firm founded by some multifamily experts.
The four-story project, 610 Saint Emanuel Street, was constructed about 20 years ago when the baseball stadium was new. At first the field was called the Ballpark at Union Station, then Enron Field, before being christened as Minute Maid Park in 2002.
The apartment community was one of first developments to respond to the construction of the Astros stadium on the fairly sleepy eastern edge of downtown. The east side of downtown and the EaDo district did not ignite immediately, but it eventually gained momentum.
The Lofts at the Ballpark, developed by Hanover, are on the east side of U.S. Highway 59 between Texas Avenue and Capitol. The BBVA Stadium for Dynamo soccer is nearby.
The proposed North Houston Highway Improvement Project planned by TxDOT could have an impact on the area, if the $7 billion road project is completed.
Banyan Residential, which specializes in multifamily, office and retail development in gateway markets across the United States, acquired the project from Bel Emanuel Holdings LLC. The deal is the first transaction in Houston for Banyan Residential.
Banyan Residential’s investment in the Lofts at the Ballpark comes as the sport which gives the apartments its name and unique marketing identity comes as the Astros season and all of Major League Baseball remains in shutdown.
Baseball’s team owners and players appear to be at an impasse over the pay the players would receive. Games, if they are played, would be played without fans in the stadiums – at least at the start of the season.
Major League Baseball commissioner Rob Manfred said Monday that he is “not confident” that the 2020 season will be played. Sports analysts say a cancellation of the season could cause lasting damage to the popularity of the sport.
At some point, baseball’s stumble could pose a question for Banyan Residential: Is keeping the baseball name still a positive marketing strategy for the Lofts at the Ballpark?
June 17, 2020 Realty News Report Copyright 2020
Update: June 17, 2022 – TxDOT plans to tear down the Lofts @ The Ballpark as part of plan for downtown freeway expansion, according to U.S. Rep. Sheila Jackson Lee.