HOUSTON-Behringer Harvard Multifamily REIT I Inc. has acquired Uptown Post Oak, a 392-unit apartment community in Uptown, for $65.5 million. The purchase price was disclosed in the Dallas-based REIT’s prospectus, but the seller was not disclosed. However, sources say Behringer bought the mid-rise property from Trammell Crow Residential.
Situated on 4.4 acres at 1111 Post Oak Blvd., the property was formerly named Alexan Post Oak. It is located eight miles west of Houston’s central business district on Post Oak Boulevard, which is the hub of Houston’s second largest office submarket.
Uptown Post Oak is surrounded by River Oaks and Tanglewood, two of the most exclusive residential neighborhoods in the city. The affluent submarket boasts a high concentration of young, well-educated professionals.
Constructed in 2008, Uptown Post Oak offers a mix of one and two-bedroom units ranging from 638 to 1,573 square feet. Each apartment has 9.5-foot ceilings, solar window shades, an intrusion alarm and a full-sized washer and dryer. Condo-quality finishes include granite countertops in kitchens and baths, stainless steel appliances, custom cabinetry and oversized Roman bathtubs.
Property amenities include: a two-level parking garage with direct access to apartment floors; a resort-style club pool for swimming, wading and tanning; a lap pool; and two outdoor plazas with barbecues. Club facilities include: a coffee bar; a state-of-the-art athletic club; a demonstration kitchen that hosts cooking classes; an Internet lounge and business center; and an activity room for TV viewing and games.
Uptown Post Oak represents yet another Behringer acquisition in Houston. On July 22, the REIT announced that it purchased Briar Forest Lofts, a 352-unit apartment community in the heart of the Westchase/Energy. It paid $38 million for the property.
Including the Uptown Post Oak investment, Behringer Harvard Multifamily REIT I’s portfolio consists of investments in 29 multifamily communities totaling 8,286 apartment homes in 12 states.
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