HOUSTON—AMLI at the Medical Center is a 334-unit apartment complex located near the Texas Medical Center. It is comprised of 19 buildings—five two-story townhome buildings and 14 three-story apartment buildings—as well as a clubhouse and 11 detached parking structures. The complex, which spans almost 14 acres and was developed in 2000, includes a leasing center, fully equipped clubhouse, a resort-style fitness center and a large pool with lounge seating area.

The property has recently been acquired by Chicago-based Origin Investments and its joint venture partner F&B Capital. At the time of acquisition, the complex was 90% leased.

“This is a great opportunity for us to acquire a well-located, institutional-quality product at a very attractive basis,” said Matt Ozee, vice president of acquisitions, Origin Investments. “For many, the perceived impact the oil and gas industry could have on value and potential of an asset makes investing in Houston challenging. However, with limited exposure to the oil and gas industry, and the demand drivers created by the Texas Medical Center, we believe this asset will continue to perform very nicely.”

As part of its acquisition and management strategy, Origin and F&B Capital are launching a comprehensive, complex-wide exterior and interior modernization program. Leveraging its unique location, the partnership believes that by further enhancing the competitive position of the property, it will be able to improve the overall appeal to future residents.

Units in the AMLI Medical Center complex include 136 one-bedroom, one bathroom; 180 two-bedroom, two bathroom; and 18 three-bedroom units. When the modernization program is complete, units will feature updated flooring, granite or stone countertops, stainless steel appliances, tile backsplashes, modern LED lighting features and a contemporary paint design. All units feature washers and dryers.

“Following the renovation program, which will be completed in phases, AMLI at the Medical Center will offer a very good value proposition in the submarket and aggressively contend with newer products at an attractive rental discount,” said Josh Kahn, vice president of investments, F&B Capital.

The Texas Medical Center, located 3.7 miles from downtown, is the world's largest medical complex. It spans 1,345 acres, making it the eighth largest business district in the country. The area is currently undergoing more than $3.25 billion in expansions and renovations. Of the many institutions in the medical center, 21 are hospitals, three are medical schools, six are nursing programs, eight are academic and research institutions, and two are universities, among others. More than 106,000 people are employed in the center. According to Ozee, more than half of the current residents at AMLI at the Medical Center have a direct connection to the med center, either as employees or students.

“One of the greatest, competitive advantages of AMLI at the Medical Center is its location in such close proximity to the medical center,” Ozee tells GlobeSt.com. “The high-quality nature of this asset in our location will not be duplicated.”

This marks the second time in less than six months that the two real estate firms have partnered together to acquire a Texas apartment complex. In March, the firms purchased the 344-unit Mission Hills Apartments at 2900 Sunridge Dr. in Austin.

HOUSTON—AMLI at the Medical Center is a 334-unit apartment complex located near the Texas Medical Center. It is comprised of 19 buildings—five two-story townhome buildings and 14 three-story apartment buildings—as well as a clubhouse and 11 detached parking structures. The complex, which spans almost 14 acres and was developed in 2000, includes a leasing center, fully equipped clubhouse, a resort-style fitness center and a large pool with lounge seating area.

The property has recently been acquired by Chicago-based Origin Investments and its joint venture partner F&B Capital. At the time of acquisition, the complex was 90% leased.

“This is a great opportunity for us to acquire a well-located, institutional-quality product at a very attractive basis,” said Matt Ozee, vice president of acquisitions, Origin Investments. “For many, the perceived impact the oil and gas industry could have on value and potential of an asset makes investing in Houston challenging. However, with limited exposure to the oil and gas industry, and the demand drivers created by the Texas Medical Center, we believe this asset will continue to perform very nicely.”

As part of its acquisition and management strategy, Origin and F&B Capital are launching a comprehensive, complex-wide exterior and interior modernization program. Leveraging its unique location, the partnership believes that by further enhancing the competitive position of the property, it will be able to improve the overall appeal to future residents.

Units in the AMLI Medical Center complex include 136 one-bedroom, one bathroom; 180 two-bedroom, two bathroom; and 18 three-bedroom units. When the modernization program is complete, units will feature updated flooring, granite or stone countertops, stainless steel appliances, tile backsplashes, modern LED lighting features and a contemporary paint design. All units feature washers and dryers.

“Following the renovation program, which will be completed in phases, AMLI at the Medical Center will offer a very good value proposition in the submarket and aggressively contend with newer products at an attractive rental discount,” said Josh Kahn, vice president of investments, F&B Capital.

The Texas Medical Center, located 3.7 miles from downtown, is the world's largest medical complex. It spans 1,345 acres, making it the eighth largest business district in the country. The area is currently undergoing more than $3.25 billion in expansions and renovations. Of the many institutions in the medical center, 21 are hospitals, three are medical schools, six are nursing programs, eight are academic and research institutions, and two are universities, among others. More than 106,000 people are employed in the center. According to Ozee, more than half of the current residents at AMLI at the Medical Center have a direct connection to the med center, either as employees or students.

“One of the greatest, competitive advantages of AMLI at the Medical Center is its location in such close proximity to the medical center,” Ozee tells GlobeSt.com. “The high-quality nature of this asset in our location will not be duplicated.”

This marks the second time in less than six months that the two real estate firms have partnered together to acquire a Texas apartment complex. In March, the firms purchased the 344-unit Mission Hills Apartments at 2900 Sunridge Dr. in Austin.