Invesco Real Estate Refis Houston Apartment Community with $68M Loan – Trade Observer

A joint venture between the Carlyle Group and Trammell Crow Residential sealed a $67.5 million debt package to refinance a multi-family Houston asset, Commercial Observer has learned.

Invesco Real Estate provided the variable rate loan for the JV’s Alexander 5151 apartment community in the Galleria/Uptown neighborhood of Houston. The duration of funding is three years with two one-year extension options.

“We are focused on the largest and most liquid markets in the United States, and this property is located in a submarket and micro-location that is absolutely market-critical,” Charlie Rosemanaging director and portfolio manager at Invesco, told CO. immediate access to some of the best retail in the market and very low supply in this immediate sub-market.

Rose added that the property is currently 92% occupied. He said the sponsorship plans to use profits to “optimize cash flow” before eventually pulling out when market conditions are favorable.

Located at 5151 Hidalgo Streetnear the junction of highways 610 and 69, the 397-unit Alexan 5151 opened in 2017. Amenities include a business center, coffee bar, conference room with TV, resident lounge with fireplace , a fitness center, a yoga/spin room, a pet park, a dog spa, and two pools with cabanas.

Carlyle Group officials did not immediately return a request for comment. Trammell Crow Residential declined to comment.

Andrew Coen can be reached at [email protected]

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