Hanover and real estate investment co. buy Hermann Park apartment tower

Houston-based apartment company Hanover Co. and PGIM Real Estate, part of Prudential Financial Inc.’s businesses, formed a joint venture to buy an apartment tower across from Houston’s Hermann Park. 

The JV bought Mosaic at Hermann Park, a 29-story, 396-unit apartment community on 2.35 acres at 5925 Almeda Road, according to a press release. The property also has 20,087 square feet of ground-floor retail space. An adjacent condominium tower was not part of the acquisition, a spokesman confirmed. 

Mark Seedorff, Atlanta-based executive director of south region transactions at PGIM Real Estate, led the deal. Hanover has assumed leasing, operation and management responsibilities for the acquired property.

Click to read more at Houston Business Journal.