Asset Details
In March 2023, the CalTier Fund 1 invested into Avenue Grove, a 270-unit concrete apartment complex at the doorstep of Levy Park, Houston’s most vibrant urban greenspace. Avenue Grove is the sole residential community within the award-winning Kirby Grove mixed-use development in the heart of Houston. Ideally located, the Avenue Grove is walkable to Houston’s most prestigious neighborhoods, popular employment centers and top-tier retail and entertainment spots. Avenue Grove’s exceptional quality, friendly ground lease terms and prime location presents a one-of-a-kind opportunity in one of the highest performing markets in the country. Exceptional rent growth momentum, coupled with an influx of residents and world-renowned employers makes the Urban Houston area very attractive.
Avenue Grove also boasts of great views and amenities including the premier restaurants within Kirby Gorove, Levy Park Community Garden, Events & Activities, Expansive Outdoor Terrace With Lounge Seating & Zero Edge Pool, Gas Grills With Outdoor Kitchen Areas, Ultra Modern Conference Center With The Latest Technology, 24-hour Resident Computer Workstation Space, Complimentary Concierge Services, Controlled Community Access, 24-hour Package Concierge Services, State-of-the-art Fitness Center, Private Spin Studio, and Exclusive Dog Run Area.
Conveniently located near many of Houston’s top employment centers, Avenue Grove serves an ideal residential option to its residents. Some of the nearby employment centers include: the Galleria/Uptown District – the 15th largest central business district in the U.S. with over 200,000 daily visitors and 6 million square feet of high end retail space; Greenway Plaza – an infill business district anchored by 52-acres, 11-buildings, and 5 million square foot plaza; Texas Medical Center – the largest medical center in the world and the 8th largest business district in the nation consisting of 60+ medical institutions across 50 million square feet and generating $25 billion in GDP annually; and Downtown Houston – the city’s largest employment center and center of commerce, home to 10 of Houston’s 22 Fortune 500 companies.
In all, the Houston economy has seen tremendous growth over the last two decades. Today, Houston is the nation’s fourth largest city and has become a diverse, vibrant metro with one of the youngest, fastest-growing and most diverse populations anywhere in the world. From 2010 to 2018, Houston added 1.1 million residents, an 18.3% increase, the fastest rate of population growth among the 10 most populous U.S. metros. Houston offers a well-developed suite of key global industries – including energy, life science, manufacturing, logistics, aerospace and technology.
