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Dallas-based American Communities recently invested in the Houston market when it purchased two apartment complexes for an undisclosed amount.
The properties purchased were the Grand on Memorial at 15135 Memorial Dr. in the Energy Corridor and 1711 Caroline Apartments at 1711 Caroline St., downtown.
"While the terms of the sale were not disclosed, Harris County Appraisal District valued 1711 Caroline at $45.1 million as of Jan. 1," the Houston Business Journal reported. "The Grand on Memorial was valued at $27.8 million as of Jan. 1, according to HCAD."
Together the two buildings house nearly 450 units and include luxuries like outdoor pools and fitness centers.
This investment comes at a time where real estate, specifically rental units, in Houston are in high demand. RentCafe’s noted that the COVID-19 pandemic is one factor that caused the increase in demand for rental units as well as changes in the market.
The city ranks the fourth place in the top 20 metro areas for constructing rental units, according to RentCafe, Houston Business Journal reported. American Communities seems to be trying to lay a foundation in a market that is quickly growing and just recently saw a large investment from Florida-based firm Cardone Capital, according to the Houston Business Journal.