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BlackRock Enters Market With 224-Unit Medical Center Buy

HOUSTON-The Stamford, CT-based pension fund adviser, up against 24 other prospective investors, wins the race for the MacGregor, a $29.9-million listing at the epicenter of the Medical Center.

By Jennifer D. Duell | Updated on April 21, 2005

HOUSTON-Stamford, CT-based BlackRock Realty Advisors has entered the market with the acquisition of the MacGregor, a mid-rise multifamily development with 224 units. The seller of the property, listed at $29.9 million, is local developer Martin Fein Interests Ltd.

Built in 2004 at 2380 S. MacGregor Way, the MacGregor received 25 offers during a six-month run on the market, David Mitchell, a vice president with Apartment Realty Advisors’ local office, tells GlobeSt.com. The main attraction was a location right in the middle of the Texas Medical Center, he says, adding the MacGregor benefits from the strong barriers to entry where land not only is in short supply, but is fetching prices of $140 per sf. Mitchell and Matthew Rotan brokered the transaction.

The 218,401-sf MacGregor is a lone four-story building positioned atop two levels of parking on 2.7 acres. The brick-and-stucco complex is assessed at $18.3 million by Harris County Appraisal District. There are 138 one-bedroom units, ranging from 670 sf to 1,077 sf; 78 two-bedroom apartments with 1,177 sf to 1,363 sf; and eight 1,425-sf, three-bedroom designs. Rents range from $875 to $1,850 per month.

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