Realty Capital Partners of Colleyville acquired the 1140 Cypress Station Dr. asset from Kocomogo III LP of Houston, with occupancy and stable tenant base as the dealmakers. "The medical office base in the Houston area is strong and we have long leases in this building," says Donna Arp, Realty Capital's CEO.
Arp says management will be outsourced although a decision has yet to be made about the overseer. She says only a few upgrades will be made to the structure.
The 26-year-old building is situated on 2.91 acres near the Houston Northwest Medical Center at 710 FM 1960. There are 17 medical facilities located within a 13-mile radius of the medical office building.
Arp tells GlobeSt.com that Realty Capital Partners is looking for other investment opportunities in Houston because of the favorable tax rates and job market. The company doesn't have a specific product in mind, but she says retail is high on the list as well as land zoned for multifamily apartments. The company will begin work in 60 to 90 days on a 288-unit, $26-million multifamily complex in Clear Lake, next to the Village at Clearpoint Crossing.
"We invest $100 million in equity in about 25 projects a year, across the country," Arp adds. "We're opportunistic buyers, and whenever a good project comes along, we look at it carefully."
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