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February 24, 2021
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MULTIFAMILY NEWS
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Madera Residential Acquires 620-Unit Multifamily Community in Houston

2/15/21

Madera Residential has purchased Domain and Lofts at CityCentre, a 620-unit, Class A multifamily project in Houston. Madera has obtained an $86.3 mil senior loan from PCCP LLC for the acquisition and renovation of the property.

The property is located at 811 Town and Country Blvd, within CityCentre, a 37-acre, 3 msf walkable, mixed-use development. It was sold by JP Morgan.

Domain and Lofts at CityCentre consists of three four-story residential buildings featuring Class A unit finishes and amenities, including 10í ceilings, full-sized washer dryers, granite countertops, and stainless steel appliances. Domain is within one building and has 370 units averaging 975 sf with a unit mix that includes 196 one-bedroom units, 166 two-bedroom units, and eight three-bedroom units.

Domainís common area amenities include two pools, private cabanas, a fitness center, yoga studio, pet park, outdoor terrace with BBQ grills, and a private dining room with a catering kitchen. Parking is provided in a four-story central structure with 2.1 spaces/unit.

Lofts has two residential buildings, one adjacent to Domain, and another across the plaza. Lofts has 250 units averaging 958 sf. The unit mix at Lofts includes 122 one-bedroom units, 112 two-bedroom units, and 16 three-bedroom units. Common area amenities at Lofts include a fitness center, four outdoor terraces, and a variety of ground floor retail including restaurants and high-end apparel/lifestyle shops (the retail portion is not part of the acquisition).

Located within CityCentre, the project is just east of the Energy Corridor at the intersection of Beltway 8 and Interstate 10. These freeways provide access throughout the region. CityCentre is one of Houstonís most well-regarded mixed-use developments and includes over 650k sf of retail, a five-star hotel, multifamily, and more than 1 msf of office space in a highly walkable, dense area.

According to Ron Bonneau, Managing Director with PCCP, the property is 94% leased. The borrower plans to execute a light capital improvement plan as well as work to increase income, which declined during the COVID crisis.




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