Medistar Sells Med Center Apartments

HOUSTON – (Realty News Report) – An entity affiliated with Medistar Corp. has sold its 326-unit Virtuo Med Center Apartments on Ardmore Street near the Texas Medical Center, according to NewQuest Properties.

Over 100,000 people are employed at 1,345-acre Texas Medical Center, the largest medical center in the world..

Completed in 2020, the four-story Virtuo apartments sits on 6.4 acres at 7110 Ardmore St.

“Virtuo Med Center never made it to market. There was immediate interest when we reached out to our network of buyers because of the location,” says Glenn Dickerson, senior vice president of Houston-based NewQuest Properties. He and colleague Brad LyBrand, executive vice president, represented the seller.

The area around the Ardmore site  is undergoing gentrification, with aging industrial projects being replaced with new development.

Tom Wilkinson of KET Enterprises represented the buyer, Virtuo Med Center Apts LLC, which closed on the acquisition within four months.

Virtuo Med Center has a mix of studios and one- and two-bedroom units, ranging from 509 SF to 1,189 SF.

Medistar, a Houston-based firm founded by Monzer Hourani, has been active in the development of medical properties and other commercial development for decades. Last year, Medistar disclosed its aggressive multifamily development with 2,500 units under development across its national multifamily   and student housing portfolios.

Medistar recently completed a high-rise residential tower and an InterContinental hotel on Main Street across from the Medical Center.


June 27, 2023 Realty News Report Copyright 2022

Photo credit: NewQuest

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