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Argosy Real Estate Partners Invests in Ascension on the Bayou
On August 27, 2018, Argosy Real Estate Income & Growth I, L.P. Argosy Real Estate Income & Growth I, L.P., an Argosy Real Estate Partners’ fund, in partnership with Tarantino Properties (“Tarantino”), acquired a 280-unit, 2017-vintage, Class A mid-rise apartment community located in the Memorial submarket of Houston, Texas. The property was acquired at a favorable cost basis, below comparable trades and at a significant discount to replacement cost.
Houston’s diverse economy, favorable business environment, low cost of living, and warm climate has made it one of the fastest growing cities in the country. The MSA added 970,000 residents between 2010 and 2017, the largest gain of any U.S. market. The property is highly visible and has convenient access from the Sam Houston Parkway (Beltway 8), the major intermediate beltway that loops the Houston metro. Memorial is a prominent, land constrained neighborhood in West Houston with an average household income of $197,000, one of the highest in the state of Texas. The property is located one mile south of CityCentre, a 47-acre mixed-use redevelopment of the old regional Town & Country Mall. This large redevelopment was named CityCentre given Houston’s westward growth and the belief that this location will soon be the “center” of Houston.
The institutional quality asset features 10’ ceilings, stainless steel appliances, full size washers and dryers, and walk-in closets with built-in wood shelving. Community amenities include a grand staircase in the lobby designed for event seating, an entertainment lounge, a fitness center with private showers, a resort-style infinity edge pool, expansive green space with a pet park, direct access to the Buffalo Bayou biking trail, and private storage units.
Tarantino is a vertically-integrated real estate operator based in Houston, with regional offices in Dallas, Austin, and San Antonio. Tarantino currently owns 2,000 multifamily units and manages 12,000 multifamily units representing over $2 billion of real estate assets.