Avenue Grove, a 270-unit apartment complex in Houston’s most active urban greenspace with a globally recognized park.
Learn all about this asset and how Midway got involved by clicking below:
If you want to see the whole interview you can click here.
About Midway
Midway is an investment company based in Houston, Texas. Midway has been in business for over 50 years with extensive experience in multi-family, hospitality, office, retail, industrial, and more recently, creating revitalized mixed-use districts.
With much of Midway’s leadership being born and raised in Houston, Midway has a strong connection to and intimate knowledge of the area.
The Avenue Grove asset is an excellent example of one asset within a bigger mixed-use district that Midway has revitalized and developed called Kirby Grove, which includes Levy Park. Together, this area has had a significant impact on the neighborhood.
The Backstory of Avenue Grove
Midway was initially approached in 2012 by Houston’s upper Kirby management district, who were aware of Midway’s other projects, to help revitalize the area, including Levy Park.
In collaboration with the JP Morgan and Upper Kirby management district, Midway developed a 150,000-square-foot class A office building and sold it in 2019 for the highest price per square foot in the Houston area outside of the city.
They also developed Levy Park, which is adjacent to Avenue Grove and the office and retail developments. The park was recognized globally in 2018 by ULA, winning the global open space award in Madrid, Spain.
If you want to see the whole interview you can click here.
About the asset
Avenue Grove is a 270-unit concrete apartment complex at the doorstep of Levy Park, Houston’s most vibrant urban greenspace.
Avenue Grove’s exceptional quality, favorable ground lease terms, and prime location make this an exciting participating investment for the CalTier portfolio. The remarkable rent growth momentum in Houston, combined with an influx of residents and world-class employers, has created an opportunity to capitalize on the tremendous rent growth occurring in urban Houston and at Avenue Grove.
Avenue Grove boasts exceptional community amenities, including premium park locations and views, premier restaurants within walking distance, Levy Park Community Garden events and activities, an expansive outdoor terrace with lounge seating and a zero-edge pool, gas grills with outdoor kitchen areas, an ultra-modern conference center with the latest technology, a 24-hour resident computer workstation space, complimentary concierge services, controlled community access, a state-of-the-art fitness center, a private spin studio, and an exclusive dog run area.
Avenue Grove is a core asset purchased below the price it sold two years ago and less than the current cost to build. We are extremely honored to be a part of it.
*Investments are either directly made and held by CalTier’s funds or fractionally with our real estate partners.
𝘈 𝘚𝘛𝘈𝘛𝘌𝘔𝘌𝘕𝘛 𝘙𝘌𝘎𝘈𝘙𝘋𝘐𝘕𝘎 𝘛𝘏𝘐𝘚 𝘖𝘍𝘍𝘌𝘙𝘐𝘕𝘎 𝘏𝘈𝘚 𝘉𝘌𝘌𝘕 𝘍𝘐𝘓𝘌𝘋 𝘞𝘐𝘛𝘏 𝘛𝘏𝘌 𝘚𝘌𝘊. 𝘛𝘏𝘌 𝘚𝘌𝘊 𝘏𝘈𝘚 𝘘𝘜𝘈𝘓𝘐𝘍𝘐𝘌𝘋 𝘛𝘏𝘈𝘛 𝘖𝘍𝘍𝘌𝘙𝘐𝘕𝘎 𝘚𝘛𝘈𝘛𝘌𝘔𝘌𝘕𝘛, 𝘞𝘏𝘐𝘊𝘏 𝘖𝘕𝘓𝘠 𝘔𝘌𝘈𝘕𝘚 𝘛𝘏𝘈𝘛 𝘛𝘏𝘌 𝘊𝘖𝘔𝘗𝘈𝘕𝘠 𝘔𝘈𝘠 𝘔𝘈𝘒𝘌 𝘚𝘈𝘓𝘌𝘚 𝘖𝘍 𝘛𝘏𝘌 𝘚𝘌𝘊𝘜𝘙𝘐𝘛𝘐𝘌𝘚 𝘋𝘌𝘚𝘊𝘙𝘐𝘉𝘌𝘋 𝘉𝘠 𝘛𝘏𝘌 𝘖𝘍𝘍𝘌𝘙𝘐𝘕𝘎 𝘚𝘛𝘈𝘛𝘌𝘔𝘌𝘕𝘛. 𝘐𝘛 𝘋𝘖𝘌𝘚 𝘕𝘖𝘛 𝘔𝘌𝘈𝘕 𝘛𝘏𝘈𝘛 𝘛𝘏𝘌 𝘚𝘌𝘊 𝘏𝘈𝘚 𝘈𝘗𝘗𝘙𝘖𝘝𝘌𝘋, 𝘗𝘈𝘚𝘚𝘌𝘋 𝘜𝘗𝘖𝘕 𝘛𝘏𝘌 𝘔𝘌𝘙𝘐𝘛𝘚 𝘖𝘙 𝘗𝘈𝘚𝘚𝘌𝘋 𝘜𝘗𝘖𝘕 𝘛𝘏𝘌 𝘈𝘊𝘊𝘜𝘙𝘈𝘊𝘠 𝘖𝘙 𝘊𝘖𝘔𝘗𝘓𝘌𝘛𝘌𝘕𝘌𝘚𝘚 𝘖𝘍 𝘛𝘏𝘌 𝘐𝘕𝘍𝘖𝘙𝘔𝘈𝘛𝘐𝘖𝘕 𝘐𝘕 𝘛𝘏𝘌 𝘖𝘍𝘍𝘌𝘙𝘐𝘕𝘎 𝘚𝘛𝘈𝘛𝘌𝘔𝘌𝘕𝘛. 𝘠𝘖𝘜 𝘔𝘈𝘠 𝘖𝘉𝘛𝘈𝘐𝘕 𝘈 𝘊𝘖𝘗𝘠 𝘖𝘍 𝘛𝘏𝘌 𝘖𝘍𝘍𝘌𝘙𝘐𝘕𝘎 𝘊𝘐𝘙𝘊𝘜𝘓𝘈𝘙 𝘛𝘏𝘈𝘛 𝘐𝘚 𝘗𝘈𝘙𝘛 𝘖𝘍 𝘛𝘏𝘈𝘛 𝘖𝘍𝘍𝘌𝘙𝘐𝘕𝘎 𝘚𝘛𝘈𝘛𝘌𝘔𝘌𝘕𝘛 𝘍𝘙𝘖𝘔: https://www.sec.gov/Archives/edgar/data/1771232/000110465921141300/tm2133391d1_1apos.htm
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