Medical Center Apartments Acquired – (13th for 29th)

HOUSTON – (Realty News Report) – Privately-held real estate investment firm 29th Street Capital (29SC), has acquired Lincoln Medical Center Apartments. The purchase marks the firm’s 13th multifamily acquisition in the Houston metro area, totaling nearly 4,000 units in the market.

Built in 1990, Lincoln Medical Center Apartments is a Class B, 224-unit asset located in the Med Center/Braes Bayou submarket of Houston. 29SC plans on re-branding the asset as “Helix at Med Center.” In addition, it will refresh the leasing office and amenities at the property.

29SC’s in-house property management group, Haven Residential, will oversee the management and leasing at Lincoln Medical Center Apartments.

“We believe this investment represents a unique opportunity to buy an undervalued, institutional-quality asset in a high-growth submarket in Houston,” said Doug Burt, 29SC’s Vice President of Acquisitions based in Houston. “The Texas Medical Center is currently undergoing a tremendous expansion and the apartment supply pipeline will be minimal in the near future.”

Lincoln Medical Center Apartments is located at 7200 Almeda Road, approximately 5 miles south of downtown Houston. The site is south of Braes Bayou on the eastern side of the Medical Center, not far from the historic Nabisco factory that was redeveloped by the Texas Medical Center.

“There is over $3 billion of life sciences-oriented development within a three-mile radius of Lincoln Medical Center,” Burt added. The new TMC3 project, a $1.5 billion life sciences and research development center, will deliver in 2022 and add 26,000 high quality jobs in the immediate area.

Over 100,000 people are employed at the 1,345-acre Texas Medical Center, where a number of medical-related universities are located, in addition to a number of leading hospitals.

A partnership of Hines and 2ML Real Estate Investments has broken ground on Levit Green, a 53-acre life sciences-oriented mixed-use development on the old Grocer’s Supply site, one mile east of Lincoln Medical Center apartments

“The employment boom, combined with continued population growth, will benefit the asset moving forward,” Burt said.

In the last year, 29SC has acquired 17 conventional multifamily assets and over 4,000 units throughout the U.S. The firm continues to actively pursue additional opportunities.

Formed in 2009, 29th Street Capital is a privately held real estate investment firm that focuses on value-add and development of multifamily assets.

The current portfolio consists of more than 15,000 units, having acquired over 25,000 units across its 16 offices in the U.S. Investments typically require a $25 million to $200 million of total capital.

May 28, 2021 Realty News Report Copyright 2021

Image: Courtesy  29th Street Capital

File: Medical Center Apartments Acquired

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