Amerton Sells 375-Unit Esplanade at Hermann Museum Circle

HOUSTON-Amerton Properties Inc., the wholly owned subsidiary of apartment investment and management company Archstone-Smith of Denver, has sold the 375-unit, 706,892-sf Esplanade at Hermann Museum Circle, near the Texas Medical District, to an unidentified institutional investor.

In a release about the Houston sale, Ameriton executives announced plans to close in the first quarter on another five multifamily properties, but it could not be determined if any more Texas properties are in the pack. The Esplanade, located at One Hermann Museum Circle, is situated on about 5.5 acres. The Harris County Appraisal District appraises the two-year-old development at $42.25 million. Due to the holiday, Amerton executives weren’t available for comment on additional deal details prior to publication time.

The Esplanade is a mix of studios, one-, two- and three-bedroom apartments. Studio units, measuring 643 sf, rent for $1,149 per month; one-bedroom units, ranging from 756 sf to 1,259 sf, go for $1,156 to $1,767; two-bedroom units from 1,170 sf to 1,280 sf bring $1,614 to $1,785; and the three-bedroom units, measuring between 1,424 sf and 1,665 sf fetch $2,109 to $2,315.