HOUSTON – Allied Orion Group has purchased the 312-unit Alexan Ashford apartment community, which will now operate as Ashford Apartments, acquiring the asset from Trammell Crow Residential.
Built in 2017, the property sits in Houston’s Energy Corridor at 1200 N. Dairy Ashford, just off Interstate 10, offering convenient access to major employment centers and regional transportation routes.
Allied Orion CEO Ricardo Rivas noted this acquisition is the firm’s first purchase in 19 years. The company, which currently manages roughly 20,000 apartment units, plans to accelerate growth through targeted acquisitions of Class A and B multifamily properties as part of an expanded growth strategy.
“We are pleased to add Ashford to our owned and managed property portfolio,” Rivas said. “After reviewing hundreds of potential deals, Ashford met our core-plus investment criteria. The market is already achieving the projected pro-forma rents, and the purchase price represented about a 10 percent discount to replacement cost. That combination made this transaction compelling. In effect, we were able to acquire and stabilize a product in 60 days that would have taken approximately four years to develop from the ground up.”
This acquisition underscores Allied Orion’s shift toward active portfolio expansion through selective purchases rather than solely relying on development. The Ashford Apartments, with modern amenities and a favorable location in a resilient submarket that did not flood during Hurricane Harvey, fits the firm’s objective to add stable, well-positioned assets that can deliver immediate cash flow and long-term appreciation.
As Allied Orion integrates Ashford into its management platform, the firm will focus on operational enhancements, resident retention, and lease-up optimization to maintain occupancy and realize the property’s anticipated returns. By leveraging its existing management infrastructure across thousands of units, Allied Orion expects to drive efficiencies and tenant service improvements at the newly acquired community.
April 8, 2019 Realty News Report Copyright 2019