"Internacional pursued us," Scott Wise, senior managing director in Houston for the Atlanta-based developer, tells GlobeSt.com. He says Trammell Crow Residential had planned to sell the properties this year after they were leased up.
The class A package, completed in 2004, consists of the 352-unit Alexan Heights and 318-unit Alexan Piney Creek, both in Houston; 304-unit Alexan Springs in nearby Spring; and 318-unit Alexan Downs in Katy. Rents average about 95 cents per sf. "They like newer properties," Wise says, adding Internacional also was attracted to the location and quality of complexes.
Alexan Heights is located at 404 Oxford St. in the historic Houston Heights neighborhood about 1.5 miles west of the CBD. The six-acre development consists of four-story apartment buildings and a 5.5-floor parking structure. The breakdown is 232 one-bedroom units, ranging from 682 sf to 899 sf; 108 two-bedroom apartments with 1,102 sf to 1,417 sf; and a dozen 1,442-sf, three-bedroom designs. The 65%-leased complex is assessed at $14.7 million, according to Harris County Appraisal District.
Alexan Piney Creek at 9100 Westheimer Rd. is positioned on 10.9 acres near the Galleria/Uptown area. Its units are laid out in four-story, mid-rise and three-story, garden-style buildings. There are 193 one-bedroom units, ranging from 657 sf to 1,150 sf; 95 two-bedroom floor plans from 1,094 sf to 1,304 sf; and 30 three-bedroom units of 1,424 sf. The appraisal district has levied an $8.7-million assessment against the 65%-leased development.
The 78%-leased Alexan Springs, located at 301 Pruitt Rd. in Montgomery County, has 16 three-story buildings on roughly 16 acres. It has 138 one-bedroom units with 752 sf to 877 sf; 126 two-bedroom units from 1,172 sf to 1,374 sf; and 40 three-bedroom units, ranging from 1,314 sf to 1,505 sf. Montgomery Central Appraisal District assesses the property at $15.3 million.
Alexan Downs, also 65% occupied, is located at 2495 S. Mason Rd. in the master-planned community of Cinco Ranch. It consists of 15 three-story garden buildings on 13 acres. It features 90 one-bedroom units, ranging from 700 sf to 811 sf; 193 two-bedroom apartments with 1,189 sf to 1,287 sf; and 35 three-bedroom units with 1,424 sf. Fort Bend Central Appraisal District has pegged its value at $10 million.
Trammell Crow Residential's partners in the developments are AIG Global Real Estate, David L. Babson and Morgan Stanley. The deal calls for Trammell Crow Residential to manage the properties until they are stabilized and then turn over the reins to Internacional, according to Wise.
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