The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
February 24, 2021
 Search RENTV
 Video Programs
News Home Page
Southern California
Northern California
Pacific Northwest
Prop. Management
Press Releases
 R. E. Marketplace
Service Providers
Property Spotlight
 RENTV  Conferences
Subscriber Login:
Forgot Password?

Printer-friendly Version   Email an Associate
Madera Residential Acquires 620-Unit Multifamily Community in Houston


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.

Return to the previous page




Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2021 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media