HOUSTON-Intercontinental Real Estate Corp. of Boston has acquired the Sawyer Heights Lofts apartment building here for $61.6 million.

The acquisition of the 307,402-square-foot building in the downtown West Inner Loop was made on behalf of Intercontinental's US Real Estate Investment Fund, LLC and was led by Steve Centrella, senior director, acquisitions at Intercontinental.

Sawyer Heights Lofts consist of 326 apartment units and a six-story, 567-space parking garage. The one- and two-bedroom apartments include 10-foot ceilings, walk-in closets, and washer/dryer units. The building amenities also feature a 24-hour fitness facility, resort-style pool with heated spa, meditation garden, gourmet kitchen, latte lounge, and billiards room. The property was built in 2008 and is currently 99% leased.

Commented Intercontinental CEO, Peter Palandjian said of the deal, “We are thrilled to have another property investment in Houston. The Houston metro area has become an important target market for Intercontinental, because of its impressive commercial resiliency, its vibrancy and diverse economic engine. We are fortunate to have partnered with Greystar Real Estate Partners in this deal, and we look forward to more excellent investment in Houston on behalf of Intercontinental's union and public pension investors.”