SOUTHSIDE PLACE – (Realty News Report) – Madera Residential has purchased the 270-unit Alexan Southside apartment community at 4139 Bellaire Blvd. in Southside Place, an upscale neighborhood inside Houston’s Inner Loop.
PCCP, LLC provided a $30 million senior loan to Madera Residential to finance the acquisition.
“Alexan Southside enjoys a prime infill location between the affluent neighborhoods of West University Place and Bellaire and sits less than three miles west of the Texas Medical Center, the largest medical center in the world,” said Ron Bonneau, Managing Director at PCCP.
Madera Residential is a Lubbock-based investment and property management firm with additional offices in Dallas and Houston. The company focuses on repositioning apartment communities across Texas. Active in multifamily acquisitions since 2008, Madera currently owns and manages roughly 14,000 units in the Houston and Dallas–Fort Worth markets with a combined estimated value of about $1.3 billion.
Completed in 2017, the four-story building comprises 190 one-bedroom units averaging 752 square feet and 80 two-bedroom units averaging 1,241 square feet.
The residential structure wraps a five-level parking deck that provides 445 parking spaces.
Alexan Southside is adjacent to a major redevelopment, The Southside Commons, a mixed-use project at 4191 Bellaire Blvd. that includes retail, dining and medical tenants. The Southside Commons sits just west of Weslayan and represents the redevelopment of the former Palace Lanes bowling alley. Arch-Con Corporation served as general contractor on the renovation for developer Triple Crown Investments. The Southside Commons was selected as a finalist for the 2021 Development of Distinction Awards presented by the Houston District Council of the Urban Land Institute (ULI‑Houston).
April 21, 2021 Realty News Report Copyright 2021
Photo courtesy PCCP
For more on Texas real estate, see the book Houston 2020: America’s Boom Town – An Extreme Close Up by Ralph Bivins. Available on Amazon.
File: Southside Place Apartments Sold