HOUSTON-Chicago-based AMLI Residential has purchased the 334-unit Augusta Apartment Homes in Houston’s Inner Loop, home to the Medical Center District.

AMLI plans to change the name of the luxury apartments to AMLI at the Medical Center. The property is located along Almeda Road, 14 miles south of Old Spanish Trail. According to AMLI, the acquisition was funded with proceeds from a recent disposition, thus completing a tax-deferred third party exchange.

Allan Sweet, AMLI president, tells GlobeSt.com the complex was purchased from San Antonio-based Embrey Partners. AMLI owns eight other apartment communities in Houston totaling 2,505 units. AMLI also owns apartment complexes in Dallas, Austin, Houston, Chicago, Indianapolis, Denver, Atlanta and Kansas City. But Houston’s portfolio is the smallest. Thus, Sweet says, the plan is to buy and push deeper into the market.

AMLI looks for luxury, inner city, mid-rise properties in high-end submarkets. Houston’s Inner Loop, Sweet says, is high on the list. He’s mum about just how many acquisitions will be made this year in Houston. “The Houston market continues to show improvement, especially in the Inner Loop,” he says of AMLI’s interest in the region.

According to Sweet, the Augusta deal has been in negotiations for four to five months. AMLI used Houston-based Southwest Residential Partners, Matthew Rotan and David Oelfke as their local representatives to negotiate the deal.

The one-year-old Augusta contains 321,388 rentable sf in 19 three-story buildings, divided into one-, two- and three-bedroom units. The average size of the apartment homes is 962 sf.

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