One of the twin residential towers perched above Hermann Park just off Texas 288 has been sold to a joint venture that has rebranded the property and taken over management and leasing.
PGIM Real Estate and Houston-based Hanover Co. formed a joint venture to acquire the upscale building, previously known as Mosaic at Hermann Park.
The 29-story tower is now known as Hanover Hermann Park.
Hanover will handle leasing, operations and management for the 396 apartments. The building also has 20,087-square-feet of first-floor retail space.
"Hanover Hermann Park's proximity to employment, parks, entertainment and public transportation, combined with the continued demand driven by Houston's strong demographic trends, made the property a compelling opportunity for our investors," Alfonso Munk, chief investment officer for the Americas with PGIM Real Estate, said in a statement. Munk said the company will consider making additional multifamily investments in the Houston area.
The building's amenities include concierge and valet services, a "sky lounge" overlooking Hermann Park and a 6,000-square-foot fitness center with a boxing room. There's also a dog park, infinity pool and outdoor fire pits and grills.
The twin-tower project was announced in 2005, and by 2009 - when just one of the buildings was completed - the developer had defaulted on a construction loan.
At that time, the country was reeling from the financial crisis and there wasn't an appetite for the buildings' nearly 800 units.
A year later the project was acquired by ST Residential in a partnership with the Federal Deposit Insurance Corp.
Both buildings originally were intended to be for-sale condominiums.
PGIM Real Estate, which invests in real estate on behalf of institutions, is part of global investment manager Prudential Financial Inc. Mark Seedorff, an Atlanta-based executive director with PGIM Real Estate, led the transaction.
PGIM Real Estate's investment in the building follows its recent acquisition of LaCenterra at Cinco Ranch, a 412,900-square-foot lifestyle center....Read more