HOUSTON – Strategic Capital of China has entered the Texas market with the purchase of the 372-unit Broadstone Post Oak apartments near the Galleria in Houston.
“We are extremely pleased to mark our entry into the Texas market through this milestone transaction,” said Ning Yuan, Chairman and President of Strategic Capital and China Construction America.
Alliance Residential Partners developed Broadstone Post Oak in 2014 on one of the last remaining land tracts along the prestigious Post Oak Drive in the Houston Galleria. Broadstone is just south of the Waterwall, near the Lakes on Post Oak office park. (The Lakes of Post Oak buildings also attracted investors from the Far East when the project was sold off in pieces last year.)
“The attention (the Broadstone apartments) received from the investment community demonstrates that Houston has become a major market where sophisticated investors want to have exposure,” said Epstein, Executive Vice President, CBRE.