CBRE Acquires OZ Property IDed in Winning Cities Program
Skyhouse Downtown is part of CBRE’s strategy to acquire properties within a target US multifamily market in a program that identifies metros that are expected to achieve long-term resilient real estate performance.
HOUSTON—A fund sponsored by CBRE Global Investors has acquired a 674-unit multifamily complex in downtown. The property, known as Skyhouse Downtown, spans 528,338 square feet across two 24-story residential towers. The complex also includes two structured parking garages.
The acquisition is part of the fund’s broader strategy to acquire a property within a target US multifamily market that CBRE Global Investors has identified in its “Winning Cities” program, which identifies metro areas that are expected to achieve long-term, resilient real estate performance.
Skyhouse Downtown, located at 1625 and 1725 Main St., is situated just off Texas State Highway 49 and Interstate 69. The property is walkable to several restaurants, shops and entertainment venues, and is less than a 20-minute drive to Houston’s Hobby Airport and a 30-minute drive from George Bush Intercontinental Airport.
Skyhouse Downtown was completed in 2016 and in addition to residential units and resident amenities, includes 10,173 square feet of ground-floor retail space that was 88% leased at the time of close.