HOUSTON–Chicago-based Waterton Associates LLC is entering the Houston market. The firm has acquired the Villas at Hermann Park, a 320-unit wrap-style rental community adjacent to Hermann Park and the Texas Medical Center.

“We are very excited about Villas at Hermann Park as it represents Waterton's first acquisition in Houston, as well as a strong value-add opportunity in a quality, institutional location,” Matt Masinter, senior vice president of acquisitions for Waterton, told GlobeSt.com.

Located on Almeda Road, south of Houston's Midtown neighborhood, the community offers a mix of one-, two- and three-bedroom residences across 12 four-story buildings, as well as two parking garages. It is the first property acquired by Waterton this year, and expands the firm's footprint in Texas, where Waterton owns five other apartment communities in Austin and Dallas, comprising approximately 1,400 units.