Berkadia Arranges Sale of Multifamily High-rise in Central Houston

Berkadia Institutional Solutions has arranged the sale of Chelsea Museum District, a 325-unit trophy-quality multifamily high-rise in Central Houston. Senior Managing Directors Chris Curry and Todd Marix, Managing Directors Jeff Skipworth, Chris Young and Joey Rippel and Director Kyle Whitney of Berkadia Houston marketed the property on behalf of the seller, Alliance Residential Company, a residential real estate developer based in Scottsdale, Arizona.

Chris Pollard and Jason Rice of Berkadia Dallas secured the debt on behalf of the buyer, Madera Residential, an investment company based in Lubbock, Texas.

Built in 2021 and located at 4641 Montrose Boulevard, Chelsea Museum District offers one- and two-bedroom apartments averaging from 412 to 1,632 square feet. Individual units feature 10-foot ceilings, light wood plank flooring, quartz countertops, blackout shades, temperature-controlled wine chillers, washer and dryers with smart technology and private oversized balconies or private yards. The community amenities include a pool with tanning ledge and private cabanas, an outdoor kitchen with two gas grills, exercise center, a yoga and spin room, a co-working lounge with private conference room, a speakeasy, wine lounge with city views, golf simulation room, electronic package lockers, pet spa and bark park.

Located between Downtown Houston and the Texas Medical Center, Chelsea Museum District is close to more than 200,000 jobs. Residents are within walking distance to Houston’s Museum District, the Innovation Corridor, Hermann Park and Bell Park, and a short drive away from Greenway Plaza, Galleria/Uptown, Rice University, the University of Houston, Rice Village and the River Oaks District.

Houston Approves Midtown Affordable Housing Project Despite Concerns About Developer

A new affordable housing project for homeless individuals is moving forward in Midtown after the Houston City Council approved a $18.7 million loan agreement at its Aug. 24 meeting.

A new affordable housing project for homeless individuals is moving forward in Midtown after the Houston City Council approved a $18.7 million loan agreement at its Aug. 24 meeting.

However, some council members said they are concerned about the project’s developer, which has come under scrutiny following a string of resident complaints at another area community.

The loan funds were made possible through Hurricane Harvey Community Development Block Grants designed to help cities recover affordable housing projects that were lost during the 2017 floods. The project at 3300 Caroline St. will feature 149 apartments and shared space for supportive programs and office space. It will be built through a partnership between the nonprofit Magnificat Houses and the NHP Foundation, a New York City-based company that works to preserve affordable housing. Click to read more at www.communityimpact.com.

Centris Industrial Breaks Ground on Generation Park Industrial Site in Houston

Centris Industrial, Inc. (Centris), an externally managed private real estate investment trust (REIT), today announced the groundbreaking of its Generation Park development in Houston. The development will consist of two buildings, totaling 255,871 square feet and 1,026,000 square feet, which are anticipated to be completed in the Q2 and Q3 of 2023, respectively.

“The groundbreaking of the Generation Park development is a milestone for Centris, having been one of our first transactions completed alongside the formation of the REIT,” said Centris CEO Michael Podboy. “Houston has seen significant demand for industrial real estate in the last several years that continues to outpace supply. We anticipate the Houston Ship Channel expansion project to drive continued demand for Houston-based industrial and logistics real estate, and more specifically our Generation Park development, as it provides prime access to one of the nation’s busiest ports,” added Centris COO and Southwest Market Officer Joe Trinkle.

Situated just 10 minutes from the George Bush Intercontinental Airport and 15 minutes from the Port of Houston, Centris’s two-building development at Generation Park is located within one of Houston’s fastest growing zip codes. The site provides ideal highway access to five Beltway 8 interchanges and is nearby the I-45 and I-10 interchanges, offering customers premier access to the area’s major transportation network. The larger facility will feature 40-foot clear heights, cross-dock loading with 185 truck courts and more than 300 trailer parking spaces, while the smaller building will feature 32-foot clear heights and 185-foot truck courts for efficient circulation, loading and trailer parking.

Centris operates alongside CA Industrial, the dedicated industrial and logistics arm of CA Ventures. Since inception, CA Industrial has closed transactions totaling approximately $1.2 billion of project costs and has more than 10.3 million square feet of industrial space currently under development in key US markets including in Phoenix, Houston, Richmond, Dallas, Orlando, Atlanta, Savannah, Columbus, Indianapolis and Las Vegas.

Acquisition of Future Houston-area cGMP Life Science Facility Closes

JLL Capital Markets announced today that it has closed the acquisition of 9501 Lakeside, a future 76,000-square-foot, cell therapy manufacturing facility located in The Woodlands within Houston, Texas.

JLL represented the tenant, Cellipont Bioservices, and procured the buyer, Vitrian, a fully integrated biomanufacturing and cGMP real estate company.

9501 Lakeside will feature state-of-the-art manufacturing, process development, assay development and testing capabilities and is scheduled to open within the first half of 2023. The opening of this site will expand upon Cellipont’s existing location in San Diego.

The property sits in Research Forest Lakeside (RFL) in The Woodlands, Texas. RFL is a planned development uniquely located on 77-wooded acres overlooking Lake Woodlands that features six office and four retail buildings, with future development of up to three additional class A office buildings totaling 760,000 square feet. The mixed-use site is home to a diverse line up of tenants including chemical, financial services, logistics, oil and gas exploration, LNG shipping and integrated energy companies. RFL’s location provides easy access to all of The Woodlands’ amenities, such as Market Street, The Woodlands Mall and The Woodlands Waterway Marriott Hotel and Convention Center. Additionally, I-45 is less than a five-minute drive away.

The JLL Capital Markets Investment Advisory team representing the tenant was led by Directors Dave Baker and Brian Buglione and Managing Director Kevin McConn.

“JLL is honored to have represented Cellipont, a best-in-class cell therapy CDMO, in achieving this critical milestone in their growth trajectory,” said Baker. “Strong investor interest in this opportunity reflected the strength of Cellipont as a tenant, as well as projected growth in the cell therapy manufacturing space, and investors’ positive reception of the growing Houston life science market. We are excited to watch the future successes of Cellipont and Vitrian together.”

Olive Tree Affordable Housing Unveils $7.8 million Modernization Plan at The Life at Westpark

Olive Tree Affordable Housing, an affiliate of Olive Tree Holdings, a real estate investment firm focusing on value-add multifamily projects in dynamically growing markets across the United States, today unveiled its $7.8 million modernization plan at The Life at Westpark, a 312-unit affordable multifamily complex in Houston. Property improvements are currently underway, with final completion slated for Q1 of 2023.

The interior upgrades, which consist of comprehensive improvements to 188 of Westpark’s residences, 78 of which are designated Fair Housing Accessibility (FHA) units, include new flooring, cabinets, countertops and vanity tops, new sinks and service lines for both the kitchen and bathrooms, upgraded appliances and two-tone painted walls, with select units receiving new water heaters and HVAC systems. 30 residence upgrades have been completed to date, with an additional 52 currently in progress. Exterior upgrades completed to date include full roof replacements throughout, and the addition of exterior gate water valves.

Remaining rehabilitation efforts at The Life at Westpark include the completion of the interior residence upgrades, the installation of new windows and sidewalks throughout the complex, the addition of new accessible parking offerings, building siding and wood repairs and the creation of a refurbished leasing office.

Built in 1994 and acquired by Olive Tree Holdings in 2019, The Life at Westpark is an amenity-rich, pet-friendly community comprised of two-, three- four- and five-bedroom apartment homes reserved for those earning up to 60 percent of the area median income (AMI). In 2022, Olive Tree Holdings acquired a Housing and Urban Development (HUD) insured mortgage to undergo substantial capital improvements to preserve Westpark’s affordability status, which was previously set to expire in 2025 and will now be extended for an additional 75 years.

To date, Olive Tree Affordable Housing manages more than 4,000 affordable units nationwide, including preserving the affordability of 865 units within the Houston-metro area, totaling $125 million in development costs.

Hines Unveils Brava, Houston’s Tallest Residential Community

Hines, along with investment partners Cresset-Diversified QOZ Fund and Levy Family Partners, announced the grand opening of Brava, a world-class apartment high-rise located at the corner of Preston and Milam Streets in downtown Houston. Adjacent to Market Square Park and Texas Tower, Hines and Ivanhoe Cambridge’s new one-million-square-foot office tower, the residences lie at the convergence of Houston’s Central Business District, Theatre District and Historic District, offering a truly metropolitan living experience and immediate access to the city’s major urban, cultural and sports facilities.

Striking Views of the Downtown and Beyond

Comprised of 373 luxury residences, the 46-story high-rise stands taller than any other residential community in Houston. The tower, designed by Munoz + Albin Architecture & Planning, is positioned diagonally on its site, allowing for uninterrupted views from every window. Featuring a dynamic twisting shape that rises the building, the Brava’s distinct façade is a remarkable architectural presence and an important contribution to the Houston skyline.

Brava is expected to achieve LEED Gold certification, demonstrating Hines’ commitment to sustainability.

Contemporary, Art-Focused Interiors

Setting a new tone for the bustling borough, Brava’s modern design provokes a vibrant energy that yields undeniably welcoming and luminous spaces. With common space interiors by award-winning Mayfield and Ragni Studio (MaRS), a soothing color palette is accented by contemporary interiors, unique millwork and commissioned art installations by renowned sculptors and artists including D’lisa Creager, Sachin Tekade, Sergio Albiac and many others. Located on the former Houston Chronicle site, the building subtly incorporates the physical presence of a newspaper, from the consistent use of black and white materials to its uniquely curved façade. Houston-based artist Robynn Sanders, with Maverick Murals Art and Design completed MaRS’s vision for the concrete columns in the building’s lobby, which tell a story of Houston’s milestone events as recorded across the Houston Chronicle headlines ranging from the 1920s into the 2000s.

Condominium-Level Finishes in a Rental Residence

Brava boasts spacious single-level floor plans ranging from 657 to 2,926 square feet. Each light-filled residence features 10-foot ceilings, flexible living spaces, generous walk-in closets with custom shelving and floor-to-ceiling windows to maximize views. Natural materials and finishes create an inviting sense of warmth with luxurious millwork and fixtures including quartz countertops, stainless-steel Bosch appliances and wide-planked wood flooring complimenting Italian-made custom cabinetry throughout.

The building’s 10 penthouse residences, on levels 45 and 46, range in size from 1,739 to 2,927 square feet with large outdoor living rooms, freestanding bathtubs and ultra-luxurious finishes rivaling the finest of condominium residences. Select penthouses feature outdoor kitchens with gas grills and refrigerators, and contemporary indoor fireplaces.

Unmatched Amenities

Residents of Brava enjoy access to an array of outstanding amenities, including a 24-hour concierge; valet parking; 47th-level sky amenity deck capturing panoramic views of the skyline with private resident dining room and catering kitchen; 10th level resort style pool, cabanas, daybeds, yoga lawn and private terrace; state-of-the-art gym with on-demand virtual fitness classes; coworking and conference spaces; guest suites; multiple social lounges with complimentary beverage and coffee bars; pet parlor; on-site storage; bike shop and bike storage; 6,800 square feet of curated street-level retail and restaurants onsite.

Prime Location
The community’s prime location between Market Square and the Arts District boasts a WalkScore of 97, with more than 50 bars and restaurants, 40 million square feet of office space, and multiple cultural institutions in the immediate vicinity. Nearby attractions include the Buffalo Bayou Park system, Jones Hall, The Wortham Theatre, Sesquicentennial Park, the Toyota Center and Minute Maid Park, among others. Bravery Chef Hall, Georgia James Tavern and Finn Hall are all within walking distance of Brava, and over 50,000 square feet of retail is currently underway within one block of the project site.

Conveniently located near the METRORail red line on Main Street and several bus lines, Brava is also easily accessible from US 59, Memorial Drive, IH-10 East, IH-45 North, IH-10 West, Allen Parkway and IH-45 South via automobile.

Project Team, Pricing and More Information

Hines assembled a stellar Texas-based design team for Brava, including Munoz + Albin, design architect; Mayfield and Ragni Studio (MaRS), interior design of common areas; TBG, landscape architect; and Harvey Builders, general contractor. Jones Lang LaSalle (JLL) provided construction financing and equity. The building is managed by Willowick Residential, Hines’ own best-in-class multifamily property management firm. Construction commenced March 2019 and initial move-ins began in the first quarter 2022. Final delivery is slated for Q4 of 2022.