HOUSTON — Florida-based Avesta Communities has purchased the 426-unit Chateaux Dijon Apartments in an off-market transaction valued at more than $45 million.
The property sits on a 10.8-acre site at 5331 Beverly Hill Street, within walking distance of the Galleria. At the time of the sale, Chateaux Dijon was approximately 90 percent leased.
Glenn Dickerson of NewQuest Properties served as the buyer’s broker and negotiated the deal with the seller, FHB Beverly Hill LP.
“This was a one-time opportunity,” Dickerson said. “There are very few parcels of this size so close to the Galleria. It was an opportunistic acquisition.” The site is located south of Richmond Avenue and west of South Rice Avenue.
Chateaux Dijon offers a mix of one-, two-, three- and four-bedroom apartment homes, with unit sizes ranging from about 510 to 1,380 square feet.
“Chateaux Dijon represents a valuable asset in a submarket where land values commonly range from $125 to $300 per square foot,” Dickerson said. “The seller understood that my client was a credible buyer with a strong track record of closing, and since this was the seller’s only Houston holding, their motivation to sell was high.”
This purchase marks Avesta’s third acquisition in the Houston metropolitan area. Avesta’s portfolio now exceeds 12,000 apartment units across Florida and Texas.
Dickerson continues to monitor the Houston market for additional acquisition opportunities on behalf of Avesta. “NewQuest doesn’t typically focus on multifamily, but I work across all commercial real estate categories to maintain a broad market perspective,” he added.
March 27, 2018 Realty News Report Copyright 2018