HOUSTON-Just days after the largest multifamily deal in Texas closed – Boardwalk at Town Center in The Woodlands – another large property has traded: AMLI Residential has acquired the 404-unit City Vista property from Koontz McCombs.
Although terms of the transaction were not disclosed, local experts estimate the property sold for about $155,000 per unit, or roughly $65 million, making it the second largest multifamily deal to close in the state. (Boardwalk at Town Center sold for about $70 million.)
Chicago-based AMLI has renamed its new property AMLI at City Vista. It is located on 5.7 acres at 2221 W. Dallas St. near downtown. Developed in 2008, the mid-rise, luxury property was designed to appeal to young, urban professionals.
Will Balthrope, a senior director with the Balthrope Group of Institutional Property Advisors, a Marcus & Millichap Company, worked with San Antonio, TX-based Koontz McCombs to determine the ideal timing to dispose of the property. He and Ryan Epstein, a director with the Balthrope Group, marketed City Vista.
“I consulted with Koontz McCombs over the past three years and advised them that it was not time to sell because the capital markets were not receptive,” Balthrope tells GlobeSt.com. “This year as, we went into the spring, it became clear there was high demand for core assets, and around July, I advised them that it was a good time to put the property on the market.”
City Vista received strong interest from institutional buyers and generated 17 offers, Balthrope says. He notes that City Vista has a “huge wow factor when you walk in the front door”, pointing to the property’s amenity package, modern design and interior finishes. “The property definitely leaves a strong impression,” he adds. “It is one of the finest properties in Houston.”
Balthrope says AMLI owns a property across the street from City Vista. “They’ve had good luck with that property and liked the location,” he notes.
Although AMLI has been a net seller over the past several years, the company has recently begun to seek out acquisition opportunities. “They are moving in an acquisition mode because they believe, as do many institutions, that the bottom is behind us and that now is the time to step off the sidelines and start buying,” Balthrope explains.
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