HOUSTON—After snapping up prime land on Miami’s Biscayne Bay to develop a luxury multifamily community in May, Adler Real Estate is looking beyond Florida’s borders again. A joint venture between the Adler Real Estate Fund and Kawa Capital Management just acquired 16 buildings in five Houston properties.

The 467,000-square-foot portfolio includes office, industrial and flex space located near Houston’s primary roadways, major business districts, high-end residential communities, and George Bush Intercontinental Airport. The portfolio is 96% occupied and has a roster of more than 85 tenants, including Exxon Mobil, Samsung, Ryder, Schlumberger, and Alford Services. Financial terms of the transaction were not disclosed.

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