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United States : PGIM Real Estate and Hanover Company acquire Houston apartment community.

PGIM Real Estate and Hanover Company, a Houston-based private real estate firm specializing in high-quality multifamily residential properties, have formed a joint venture to acquire a Class A apartment community in Houston. The property, previously known as Mosaic at Hermann Park, has been rebranded as Hanover Hermann Park. PGIM Real Estate, acting on behalf of institutional investors, is the real estate investment business of PGIM, the $1 trillion global investment management businesses of Prudential Financial, Inc.

In addition to its ownership stake, Hanover has assumed responsibilities for the leasing, operation and management of Hanover Hermann Park.

Hanover Hermann Parks proximity to employment, parks, entertainment and public transportation, combined with the continued demand driven by Houstons strong demographic trends, made the property a compelling opportunity for our investors. Alfonso Munk, Americas Chief Investment Officer

Hanover Hermann Park is a 29-story, 396-unit apartment community on 2.35 acres, with 20,087 square feet of ground-floor retail space, direct access to major thruways and nearby public transportation, and unobstructed views of the 445-acre Hermann Park. In addition, residents can take advantage of the public parks numerous cultural institutions and conveniently walk or bike via the Brays Bayou Trail to Rice University, Rice Village, the Museum District and the Texas Medical Center.

Hanover Hermann Parks proximity to employment, parks, entertainment and public transportation, combined with the continued demand driven by Houstons strong demographic trends, made the property a compelling opportunity for our investors, said Alfonso Munk, Americas chief investment officer at PGIM Real Estate. We look forward to partnering with Hanover to enhance current and prospective residents living experience at Hanover Hermann Park through our combined expertise and strong network of local relationships in Houston, and will consider additional Houston-area multifamily investment opportunities over time.

In addition to high-quality finishes and features in the apartment units, select community amenities include concierge and valet services; a 6,500-square-foot sky lounge overlooking Hermann Park; a 6,000-square-foot fitness center with boxing room; shuttle service to the Texas Medical Center; infinity pool with private cabanas; outdoor fire pits and grilling area; and a dog park.

Mark Seedorff, Atlanta-based executive director, South Region Transactions at PGIM Real Estate, led the transaction.

PGIM Real Estates investment in Hanover Hermann Park follows the recent acquisition of LaCenterra at Cinco Ranch, a 412,900-square-foot outdoor mixed-use retail lifestyle center in nearby Katy, Texas.

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Publication:Mena Report
Geographic Code:1U7TX
Date:Dec 4, 2017
Words:405
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