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HOUSTON-Blazer Building Inc. and Perseus Realty Partners have broken ground on Grand Parkway, a 250-unit, age-restricted apartment complex in far west Houston. Perseus Realty is kicking in equity to the first-time partnership from its $200-million PRP II Fund.

The project’s total capitalization stands at $21.8 million, of which $16.2 million came from third-party debt. PRP II, sponsored by Washington, DC-based Perseus Realty Partners, made an equity investment of nearly $4.5 million in the development, which will be situated on 11.5 acres at the intersection of Grand Parkway and Interstate 10. Grand Parkway is scheduled to come on line in 14 months, with Houston-based Blazer Building as leasing and asset manager.

Loren Balsam, Perseus Realty’s managing director, says Blazer Building is the ideal partner because of its reputation for developing within time and budget guidelines. Furthermore, he considers the far west submarket also ideal because of its demographics and growth.

“I like that this project is catering to an underserved market niche: people who are retired and in their late 50s to early 70s,” Balsam says. “They want to move close to their children and grandchildren and live in a quality place, but don’t want the headache of maintaining a single-family home.”

Balsam says Grand Parkway is the fund’s third project and its first in Texas. “This fund focuses on middle-market assets from $20 million to $70 million,” he tells GlobeSt.com. To date, the fund, which will ultimately have $800 million in buying power, has provided equity for the 306-unit Ansley at Princeton Lakes in Atlanta, which cost about $30 million to develop. The fund also joint ventured on the development of the 604,000-sf Interstate Center II, an industrial park near the Port of Savannah. It cost about $23.2 million to build.

Balsam says Perseus Realty would entertain future projects with Blazer Building and like to be more involved with real estate in the area. “Houston is counter cyclical to the rest of the nation and we like that,” he adds. “The market is great for renovations, rehabs and even new developments.” Balsam says Perseus is seeking multifamily and senior housing investments in the area as well as industrial projects.

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