JLL closes sale of Houston apartment community
Class A+ property near the Texas Medical Center acquired by Morgan Group, Inc.
HOUSTON, January 21, 2020 – JLL Capital Markets announced today that it has closed the sale of The Beacon at Buffalo Pointe, a recently completed, 281-unit, Class A+ apartment community near the Texas Medical Center.
JLL marketed the property exclusively on behalf of the seller, Allied Orion Group, and procured the buyer, Morgan Group, Inc.
The Beacon at Buffalo Pointe is situated on 32.4 acres at 10301 Buffalo Speedway within five minutes of METRORail’s Red Line and 10 minutes from the Texas Medical Center, which is the worlds’ largest medical complex and the 8th largest central business district in the U.S. Completed in 2017, the four-story, mid-rise property consists of one-, two- and three-bedroom units averaging 862 square feet and 484 parking spaces. The best-in-class community includes high-end finishes in all homes and numerous common area amenities, including a resort-style pool with fountain, in-pool seating, a sundeck and four poolside cabanas; outdoor grilling area; state-of-the-art fitness center; clubroom with demonstration kitchen and coffee bar; dog park with wash station and water fountain; electric car charging station; reserved garage parking available; and concierge service.
The JLL Capital Markets team representing the seller was led by Senior Managing Directors Chris Curry and Todd Marix and Analyst Bailey Crowell.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Allied Orion Group
Founded in 1985, Allied Orion Group has 30+ years of experience providing management for all types of multi-family properties, and it has a growing portfolio of more than 24,000 apartment homes under management throughout the nation. Allied Orion Group has acquired or developed more than 14,000 Class A apartment homes with a total aggregate value of approximately $1.3 billion. Allied Orion Group, an AMO organization, is headquartered in Houston, Texas, with additional offices in Denver, Dallas and San Antonio.
Morgan Group, Inc. (“MORGAN”) is a vertically integrated, third generation family business that invests in multifamily housing through development and acquisitions in high growth U.S. markets. In its history, MORGAN has built or acquired over $3 billion of multifamily assets, consisting of over 20,000 units. Currently, MORGAN’s owned and managed portfolio consists of more than 10,000 units across Texas, California, Arizona, Colorado and Florida. MORGAN has been headquartered in Houston since 1959 and currently has regional offices in Denver and Miami. In 2019, MORGAN was ranked as the #1 medium-sized company to work for by the Houston Chronicle. MORGAN has fostered valuable relationships and strategic partnerships throughout its 60-year history and attributes much of its success to its family values and entrepreneurial, team-oriented culture. For more information about MORGAN, visit morgangroup.com.