HOUSTON–Chicago-based Waterton Associates LLC is entering the Houston market. The firm has acquired the Villas at Hermann Park, a 320-unit wrap-style rental community adjacent to Hermann Park and the Texas Medical Center.

“We are very excited about Villas at Hermann Park as it represents Waterton's first acquisition in Houston, as well as a strong value-add opportunity in a quality, institutional location,” Matt Masinter, senior vice president of acquisitions for Waterton, told GlobeSt.com.

Located on Almeda Road, south of Houston's Midtown neighborhood, the community offers a mix of one-, two- and three-bedroom residences across 12 four-story buildings, as well as two parking garages. It is the first property acquired by Waterton this year, and expands the firm's footprint in Texas, where Waterton owns five other apartment communities in Austin and Dallas, comprising approximately 1,400 units.

“Fueled by a robust and diversified economy, Houston has led the nation in job recovery since the recession, with employment in the city at an all-time high,” says Masinter. “This job growth has coincided with significant population gains – Houston added 138,000 residents between 2012 and 2013, more than any other metropolitan area in the country – creating strong demand for housing, especially in core, infill locations like the area around the Texas Medical Center.”

Individual residences at Villas at Hermann Park feature gourmet kitchens, in-unit laundry, and private patios and balconies. The gated community also offers a number of amenities, including resort-style lap and recreation pools, two outdoor kitchens with grilling stations, and a modern clubhouse with a 24-hour fitness center, full-size kitchen and coffee bar, and a fully-equipped business center with two conference rooms.

Waterton plans to make improvements to the community's common areas and residential units, including kitchen and bathroom upgrades, and the addition of fenced-in backyards for 55 ground-level units – ideal for residents with pets.

“This deal gives us the flexibility to make improvements that not only benefit residents, but allow us to boost value over the long term,” says Masinter. “For us, it's a classic value-add play and exactly the type of deal we look for, whether it's in a new market like Houston, or any of the other cities where we own real estate.”

Villas at Hermann Park residents have direct access to nearby public transportation, including a shuttle bus service that transports people throughout the Texas Medical Center and has a stop directly in front of the community's clubhouse.

The community also borders Houston's Museum District and is across the street from the 445-acre Hermann Park, home to the Houston Museum of Natural Science, Houston Zoo and Hermann Park Golf Course.