Located at 1615 Hermann Dr., the class A apartments were developed by Houston-based the Morgan Group Inc., a nationwide developer of class AAA multifamily properties. Mike Morgan, CEO, tells GlobeSt.com, "It is a win-win transaction for the buyer and seller. The buyer received a quality property in an irreplaceable location, which will earn Clarion a stable and growing income on its investment. The Morgan Group Inc. received a fair price considering the quality and location of the property." Craig LaFollette, Todd Stewart and Todd Marix, all of the CB Richard Ellis multifamily team in Houston, brokered the deal.

Morgan says the property exceeded expectations from the "get go." It leased up faster than originally projected and brought considerably higher rental rates–$895 to more than $1,600 per month–than the pro forma. The deal became sweeter as partners achieved a record internal rate of return on the project.

The Plaza is part of Morgan's urban in-fill strategy and the third that the Morgan Group has developed in Houston. It's nestled in the midst of Rice University, Texas Medical Center, Museum District and Herman Park plus within walking distance of a planned station for the city's under-construction light-rail system.