HOUSTON, TX - JMG Realty announced the acquisition of Century Hermann Park Apartments; a 224 unit apartment community located in The Texas Medical Center of Houston, TX through a joint venture partnership.
Built in 2003, Century Hermann Park is a podium mid-rise apartment community featuring four residential levels above two stories of garage parking. The property’s 224 units were originally completed with white appliances, light cabinets, Formica countertops, plastic blinds and a standard lighting and fixture package.
Recently, the property implemented a value-add program that included stainless steel appliances, 2” blinds, brushed nickel hardware, plank flooring, updated track lighting, and granite countertops. To date, 94 units have been upgraded and are capturing rents premiums between $115 and $225 per month, depending on floorplan.
Further enhancing the value-add opportunity is the property’s core, infill location with affluent demographics and strong submarket fundamentals. Average household income within a one-mile radius of Century Hermann Park is $101,553, and surrounding neighborhoods such as Riverside Terrace, Museum District, and West University feature home values exceeding $8M. Century Hermann Park’s proximity to Highway 288 connects residents to both Downtown Houston as well as other major thoroughfares including Interstate 59, Highway 610, and Interstate 45. Additionally, the property has the unique advantage of being located in the Texas Medical Center, the largest medical center in the world.
Located near the Texas Medical Center, well known for its world-class health care facilities, the Texas Medical Center is both a major employer and a local amenity. The largest medical center in the world, it encompasses 1,345 acres and 48.5 million square feet of commercial space. The Texas Medical Center is consisted of 435 member institutions which host 106,000 employees, 50,000 students, and 21 hospitals. With over five million patients visiting the Medical Center each year, the center is staffed with over 4,000 physicians and 11,000 registered nurses. In addition to patient care, the Texas Medical Center is also focused on education and research, featuring over 11 educational institutions and two on-site Nobel Laureates. As the eighth largest business district in the country, it is one of the most stable, high income areas in the United States. The Texas Medical Center has had a $4.6 billion direct and an $11.5 billion indirect impact on Houston’s economy. Currently undergoing a $7 billion expansion, the Medical Center will only continue to play a pivotal role in Houston’s economy. Some notable hospitals of the Texas Medical Center include:
Shriner’s Hospital for Children - An orthopedic research and teaching hospital, this 40-bed facility is equipped to provide care for virtually all pediatric orthopedic problems.
Texas Children’s Hospital - Affiliated with the Baylor College of Medicine, Texas Children’s is the nation’s largest freestanding hospital and is ranked sixth in the country for pediatric care. Already one of the largest pediatric hospitals in the United States, Texas Children’s is currently planning to start a $506 million expansion.
University of Texas MD Anderson Cancer Center - This facility has ranked the nation’s number one cancer center in the country six times in the past eight years, and has been one of the top two hospitals for cancer care for 20 years according to US News & World Report rankings.
In keeping with the re-positioning strategy, the property will be re-branded as Verdir at Hermann Park.