HOUSTON-A Boston-based investment group has added to its holdings in the area, buying the 224-unit Siena Apartments. Renamed Windsor at Siena, the class A buy was done as a complementary piece to the investor's 24-acre Regent Square, a mixed-use development around the corner that will begin construction in the fourth quarter.
Neither the purchase price nor the list was available for the 600 Studemont St. property, bought by GID Investment Advisors LLC. But comparable projects in the Museum-Montrose District have sold for upward of $115,000 per door. Harris Central Appraisal District assesses the property at $23.9 million.
"This is the buyer's second acquisition. They're very bullish on Houston," says David Mitchell, principal with Apartment Realty Advisors in Houston. "This is what they told me--that they're absolutely looking for more to buy." He and ARA principals David Wylie, David Oelfke and Matt Rotan represented the seller, Internacional Realty Inc. of San Antonio.
Mitchell tells GlobeSt.com that GID beat 14 offers for the complex with its enthusiasm for the area. Mitchell declined to discuss the final price, but did say GID shelled out average for what other high-end deals in the area have brought.
The seller disposed of 95%-leased asset because the partnership is dissolving. "They have about eight more deals in Houston, but with different partners," Mitchell adds.
Situated on a little more than four acres, Siena's one-bedroom apartments measure from 687 sf to 1,183 sf and its two-bedroom units are 1,142 sf to 1,674 sf. Monthly rents are $1,070 and $2,350.
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