Argosy Real Estate Income & Growth I, in partnership with Tarantino Properties, has acquired a 280-unit, 2017-vintage, class A mid-rise apartment community located in the Memorial submarket of Houston.
The property was acquired at a favorable cost basis, below comparable trades and at a significant discount to replacement cost.
Houston’s diverse economy, favorable business environment, low cost of living, and warm climate has made it one of the fastest growing cities in the country.
The MSA added 970,000 residents between 2010 and 2017, the largest gain of any U.S. market. The property is highly visible and has convenient access from the Sam Houston Parkway (Beltway 8), the major intermediate beltway that loops the Houston metro. Memorial is a prominent, land constrained neighborhood in West Houston with an average household income of $197,000, one of the highest in the state of Texas.
