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

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

The specific assets are: Plaza Southwest; Crescent Ten; CommercePark North; Technipark Ten; and Westchase Park. The deal marksAdler’s second purchase in the Houston area in the past 10 monthsand makes Houston Adler’s third-largest market, followingWashington D.C. and South Florida.