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| The Edge at City Centre Apartments, 8410 West Bartell Drive, Houston, TX |
HOUSTON, TX –– HFF announces the sale of The Edge at City
Centre, a 284-unit, garden-style multi-housing community near the Texas
Medical Center in Houston, Texas.
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| Chris Young |
The Edge at City Centre is situated on approximately seven acres at
8410 West Bartell Drive inside the 610 Loop in Central Houston, which positions
it within two miles of more than 110,000 jobs in the Texas Medical Center.
Additionally, the property is within walking
distance to two METRO bus lines and is less than one mile from NRG
Stadium.
Originally built in
1983, 29th Street Capital invested more than $2.6 million to
rebrand, renovate and reposition with significant capital improvements.
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| Joey C. Rippel |
The HFF investment advisory team representing the seller included
directors Chris Young and Joey Rippel and analyst Connor
Phillips.
“The Edge at City Centre generated a high level of interest due to its
infill location and value-add potential,” Young said.
“It is well-positioned for future growth due to the lack of workforce housing options in Houston’s urban core, and it’s also in one of Houston’s Opportunity Zones.”
“It is well-positioned for future growth due to the lack of workforce housing options in Houston’s urban core, and it’s also in one of Houston’s Opportunity Zones.”
“Buyers appreciated that 29th Street had completed the
heavy lifting at the property, leaving new ownership a clear runway to capture
rent growth from unit upgrades and improving market fundamentals.” Young added.
Holliday GP Corp. (“HFF”) is a
Texas licensed real estate broker.
CONTACTS:
CHRISTOPHER YOUNG
TX Lic. #630674
HFF Director
(713) 852-3500
OLIVIA HENNESSEY
HFF Public Relations Specialist
(713) 852-3500
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