Sovereign at the Ballpark is a 229-unit multifamily building located downtown at 101 Crawford St.
HOUSTON—Aligning with the demand for multifamily development due in part by Downtown Living Initiative incentives, ACRES Capital Corp. and its subsidiaries have originated a $49 million construction loan to fund the completion of Sovereign at the Ballpark. The 229-unit multifamily building is located downtown at 101 Crawford St.
"As the second-most populated metropolitan statistical area in the state of Texas and the energy capital of the world, Houston has expanded its economic base with growth in the international business, information systems technology and service-related industries," said Mark Fogel, ACRES president and chief executive officer. "Downtown Houston has seen a substantial increase in multifamily development due in part to incentives provided by the city's Downtown Living Initiative, as well as the progression of its retail sector. This has created an ideal environment for new investments such as Sovereign at the Ballpark, which is perfectly positioned to accommodate the surge in demand from an assortment of residents."
The purpose of the Downtown Living Initiative is to promote economic development and stimulate business and commercial activity in the combined target area by providing economic and other development incentives for certain new multifamily residential mixed-use developments. The target area is comprised of most of downtown, offering attractions and amenities including Discovery Green, Phoenicia Specialty Grocery, churches and schools (including the HISD High School for the Performing and Visual Arts), major hotels, three of the region's four major sports venues and the George R. Brown Convention Center, GlobeSt.com learns.
"The Downtown Living Initiative has driven expansion in the market, resulting in a vibrant live-work-play environment," Marty Reasoner, ACRES managing partner of originations, tells GlobeSt.com. "ACRES seeks transactions that have strong demand drivers, the ability of the sponsorship to execute on the business plan and assets in quality locations."
The loan carries a term of 18 months and was provided to sponsor Russ Krivor, an experienced investor with more than $300 million in assets under management, and more than 4,000 completed and leased apartments throughout the United States.
"ACRES is fully aligned with our vision for Sovereign at the Ballpark, and was able to provide the attractive loan terms and flexibility required to complete the project," says Krivor. "This development will be an excellent choice for residents looking to take advantage of everything the booming downtown Houston neighborhood has to offer, further contributing to the submarket's transformation into a true live-work-play setting."
The property's position within the highly walkable and rapidly redeveloping Warehouse District of downtown Houston is within close proximity to Minute Maid Park, Discovery Green, the George R. Brown Convention Center, Toyota Center, historic Market Square Park, as well as numerous shopping, entertainment and dining options.
Sovereign at the Ballpark encompasses six stories over a two-level concrete parking structure and has amenities including a swimming pool, fitness center, game room, golf simulator, clubhouse, coffee bar and barbecue grills. In-unit amenities include stainless steel appliances, granite or quartz countertops, walk-in closets, plank-wood flooring, as well as washers and dryers.
Downtown Houston is home to 20 Fortune 500 companies such as NASA, Occidental Petroleum Corporation, The Phillips 66 Company, Sysco and Waste Management Inc. The city's North Houston Highway Improvement program, expected to begin this year, will further improve mobility in the area and allow residents to travel more easily between neighborhoods.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
