CenterSquare and affiliates of American Landmark have sold Aspire at 610, a multifamily property located in Houston.
The financial terms and new owner were not disclosed; however, the joint venture selected a buyer after a very competitive marketing process. A sale was completed in March at a price that produced strong returns for investors above original underwriting.
The joint venture acquired the asset in March 2019. The firms were attracted to the multifamily asset due to its infill location, which provides direct access to major highways and close proximity to the Texas Medical Center (TMC), the largest medical center in the world. CenterSquare has been a very active multifamily investor in Texas over the last several years with Aspire 610 representing the fourth transaction made with American Landmark.
The newly constructed asset was purchased vacant enabling the JV to acquire the property at an attractive basis relative to replacement cost and comparable
