MALVERN, PA — Balfour Beatty Communities acquired the 378-unit Avanti Cityside apartment complex near the Texas Medical Center, extending its Texas multifamily holdings as the company targets housing demand in employment-driven markets.
Financial terms were not disclosed.
The transaction is Balfour Beatty Communities’ third Texas investment in 18 months, following its purchases of River Pointe in Conroe and The Leonard in Denton.
Built in 2007, Avanti Cityside includes more than 362,000 square feet of rentable residential space across one-, two- and three-bedroom apartments.
The Houston property is located near the Texas Medical Center, downtown, Rice University, Hermann Park and the Museum District. The surrounding area draws employment from healthcare, education, research and professional services.
Balfour Beatty plans targeted upgrades to apartment interiors and common areas as part of a value-add strategy. The company cited leasing demand for units that have already been renovated as support for additional capital improvements.
“Avanti Cityside aligns exceptionally well with our investment strategy of acquiring well-located communities in strong growth markets where we can create additional value through thoughtful capital improvements and operational excellence,” Lisa Dailey, senior vice president of multifamily acquisitions, stated.
The community’s amenities include two swimming pools, a fitness center, clubhouse, business facilities, controlled access and landscaped outdoor areas.
The acquisition increases Balfour Beatty Communities’ exposure to Houston, where continued development around the Texas Medical Center is expected to support apartment demand.
Balfour Beatty Communities invests in and manages residential real estate across the United States.
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