Walker & Dunlop Completes Sale of Garden-Style Multifamily Community at the Texas Medical Center
Walker & Dunlop announced the successful sale of The Co-Op at the Med Center, a 200-unit garden-style property in Houston, Texas, initially built as a hotel and converted into multifamily housing in 2018. The buyer, EAS Houston LLC, is set to enhance the property with significant upgrades, targeting increased rent growth and value appreciation due to its prime location near the Texas Medical Center. Walker & Dunlop's leadership in multifamily real estate is highlighted, with $4.74 billion in property sales volume in H1 2021 and a strong presence in the market.
- Successful sale of The Co-Op at the Med Center indicates strong market interest.
- Prime location near Texas Medical Center enhances property value potential.
- Future upgrades planned by the buyer can lead to increased rent growth.
- None.
BETHESDA, Md., Nov. 3, 2021 /PRNewswire/ -- Walker & Dunlop, Inc. announced today that it completed the sale of The Co-Op at the Med Center, a 200-unit, garden-style property located in the heart of the Texas Medical Center in Houston, Texas. Originally built as a hotel, the asset was converted into a multifamily community in 2018 following a significant capital investment into the property.
Walker & Dunlop's Scott Bray, Ryan Epstein, and Jennifer Ray represented the seller, Urban Genesis, in the transaction. The buyer, EAS Houston LLC, plans to capitalize on The Co-Op at the Med Center's significant value-add potential with a number of upgrades, including interior unit renovations, upgrades to community amenities, and the addition of a technology package.
Mr. Bray commented, "Co-Op at the Med Center's ideal location and unique characteristics position it well for future rent growth and value appreciation. The buyer's planned updates are sure to be well-received by existing and prospective residents alike."
The Co-Op at the Med Center is one of the only garden-style multifamily properties in the immediate area, which is surrounded by newer construction, Class A communities. The property's unparalleled location provides immediate access to the Texas Medical Center, one of Houston's largest and most consistent employment bases, with over 106,000 employees and hosting 10 million patients. Residents of The Co-Op at the Med Center also enjoy convenient access to several grocery stores and are within minutes of Houston's Hermann Park.
Walker & Dunlop is a leader in multifamily property sales, having completed
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is the largest provider of capital to the multifamily industry in the United States and the fourth largest lender on all commercial real estate including industrial, office, retail, and hospitality. Walker & Dunlop enables real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. The power of our people, premier brand, and industry-leading technology make us more insightful and valuable to our clients, providing an unmatched experience every step of the way. With over 1,000 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune's Great Places to Work® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.
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SOURCE Walker & Dunlop, Inc.
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