Houston, Texas – April 21, 2020 – A fund sponsored by CBRE Global Investors has acquired a multifamily property in Houston’s Braeswood Bellaire submarket, four and a half miles south of Downtown Houston. The 281-unit property, known as the Elan Med Center, is located at 7010 Staffordshire Street and is within the Texas Medical Center (TMC), the world’s largest medical complex, which is home to more than 60 medical institutions with more than 106,000 employees. The acquisition is part of the fund’s strategy of investing in target multifamily markets across the United States.
Completed in 2014, Elan Med Center is a podium-style building that offers a mix of one- and two-bedroom apartments and a seven-story structured parking garage. The residences feature high-end finishes, including quartz countertops, stainless steel appliances, Nest thermostats and 10- to 14-foot ceiling heights. Resident amenities include a pool, a clubhouse, a game room, a state-of-the-art fitness center, a pet park, multiple study lounges, and an outdoor terrace area with a kitchen and grills. The community is easily accessible to the Brays Bayou Greenway Trail, which serves as an additional outdoor amenity for residents.
“Elan Med Center is a unique asset located within a growing enclave of Houston. Within the Braeswood Bellaire submarket, we believe the Texas Medical Center will continue acting as an independent economy in Houston and grow its position as a leader in the life science industry,” said Steve Gullo, Senior Managing Director of Acquisitions for CBRE Global Investors. “We believe that the property is well-positioned due to its proximity to major medical institutions within the TMC. It is one of only three residential buildings that meets the five-minute commute requirement for the Memorial Hermann and Texas Children’s surgical resident programs.”
Kim Hourihan, a Portfolio Manager at CBRE Global Investors, added, “We believe this particular asset benefits from a stable, high-earning tenancy base, as most medical residencies average three to five years with salary increases. As part of our investment, our team plans to capitalize on the favorable rent-to-income ratio and will also implement the CBRE Global Investors A&B Living program at Elan Med Center.”
Elan Med Center is located in the heart of the TMC, within walking distance to the area’s major medical institutions, various stops along the Houston METRORail, Hermann Park and the Bray Bayou Park. The property is 15 minutes from Downtown Houston, 30 minutes from the George Bush Intercontinental Airport and 20 minutes from the William P. Hobby airport.
About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $112.9 billion in assets under management* as of December 31, 2019. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2019 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.