HOUSTON--Delta Alliance Capital Management LCC (DACM) has acquired Madison Park Apartments, a 576-unit apartment community located in Houston. DACM partnered on the transaction with a Texas-based real estate private equity firm.
Madison Park is situated in the master-planned Westchase submarket, adjacent to the Energy Corridor. Built in 1978, the community consists of a variety of floor plans, with an average unit size of 895 square feet. Madison Park is situated on 23.5 acres in the heart of the Westchase's epicenter near the intersection of Westheimer Road and Sam Houston Tollway/Beltway 8.
“We have been tracking this deal for many months and we are excited to kick off our renovation plan,” Paul Perkins, CIO of Irvine, Calif.-based DACM, told GlobeStreet.com. “With a replenished capital structure and marketing plan, we plan to capitalize on an exceptional Houston employment growth trend coupled with demand for upgraded rental housing.”
DACM plans to invest significant capital in order to implement a value-add strategy to enhance the grounds, interiors, leasing office and fitness center. The business plan also includes updating the landscape and installing new signage as part of DACM's repositioning efforts.
“We are pleased to acquire an asset of this quality in the highly desirable Westchase submarket,” says Robert C. Warren III, CEO. “We are looking forward to providing an improved rental housing product to this attractive Texas marketplace.”
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