Southside Place Apartments Sold, Market briefs

In Southside Place, Madera Residential has purchased the 270-unit Alexan Southside apartments at 4139 Bellaire Blvd. in Southside Place, an affluent community in the Inner Loop of Houston.

PCCP, LLC reported it provided a $30 million senior loan to Madera Residential for the purchase of the apartment project.

“Alexan Southside benefits from a core, infill location within Houston between the affluent neighborhoods of West University Place and Bellaire and is less than three miles west of the Texas Medical Center (TMC), the largest medical center in the world,” said Ron Bonneau, Managing Director with PCCP.

Madera Residential is a Lubbock-based investment company with offices in Dallas and Houston that specializes in transforming apartment communities across Texas. Madera has been acquiring multifamily assets since 2008 and currently owns and manages 14,000 units in Houston and Dallas-Fort Worth with an estimated value of $1.3 billion.

Built in 2017, the four-story property consists of 190 one-bedroom units averaging 752 SF and 80 two-bedroom units averaging 1,241 SF.

The building wraps a five-story parking deck which has 445 parking spaces.

Alexan Southside apartments are next door to a significant redevelopment – The Southside Commons multi-use development with retail, dining and medical tenants. The Southside Commons, 4191 Bellaire Blvd., just west of Weslayan, is a redevelopment of a decades-old bowling alley called the Palace Lanes. Arch-Con Corporation, the general contractor who renovated Southside Commons for developer Triple Crown Investments. The Southside Commons has been nominated and named a finalist for the 2021 Development of Distinction Awards presented by the Houston District Council of the Urban Land Institute (ULI-Houston).