#Ascension on the bayou full size
The institutional quality asset features 10′ ceilings, stainless steel appliances, full size washers and dryers, and walk-in closets with built-in wood shelving. This large redevelopment was named Cit圜entre given Houston’s westward growth and the belief that this location will soon be the “center” of Houston. The Property is located one mile south of Cit圜entre, a 47-acre mixed-use redevelopment of the old regional Town & Country Mall. 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. 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.
The MSA added 970,000 residents between 20, the largest gain of any U.S. 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 Property was acquired at a favorable cost basis, below comparable trades and at a significant discount to replacement cost.
(“ARIG I”, or the “Fund”), in partnership with Tarantino Properties (“Tarantino”), acquired a 280-unit, 2017-vintage, Class A mid-rise apartment community located in the Memorial submarket of Houston, Texas (the “Property”, or “Ascension”). On August 27, 2018, Argosy Real Estate Income & Growth I, L.P.
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