HOUSTON (Nov. 15, 2010) — Alliance Residential Company is pleased to announce its acquisition of Gramercy Park Condominiums, a 224-unit project in the Texas Medical Center area of Houston. After working on the deal for 10 months, Alliance acquired the project out of bankruptcy in a Section 363 auction sale. The official close occurred on Oct. 20.
Located at 2600 and 2601 Gramercy Street, the property is ideally situated just one mile west of Texas Medical Center, which is the largest medical center in the nation and employs more than 80,000 workers on its 800-acre campus. The community offers spacious one-, two- and three-bedroom floor plans ranging from 781 square feet to 1,529 square feet, which feature granite countertops, backsplashes in the kitchens and bathrooms, stainless steel appliances, large closets and full-size washers and dryers. Residents also enjoy being within walking distance of a number of area employers, as well as a neighborhood grocery store and other retail establishments.
Completed in 2006, the two-building project was originally built as condos, and a small number of sold units are being reacquired by Alliance for conversion to rental. The development will be renamed Broadstone Gramercy and branded as an Alliance-owned asset. Alliance also plans to complete construction on the unfinished northern building so that it includes the same luxury finishes currently available in the southern building.
"This project was originally financed with more than 200 individual investors; thus, it took an inordinate amount of time to navigate through control and ownership issues, and ultimately went into bankruptcy when no coordinated agreement on disposition could be reached," says V. Jay Hiemenz, Alliance's Chief Financial Officer. "We believe that our tenacity in acquiring this project will be rewarded with superior returns once we convert to an exclusively rental product and address the capital needs of the project."
For more information, visit www.allresco.com.
Company Information
Alliance Residential is a fully-integrated multifamily real estate operating company focused on the development, acquisition, construction and management of residential and mixed-use communities in the United States. Headquartered in Phoenix, Alliance has 16 regional offices divided between six regions throughout the U.S. Over the past 10 years, Alliance has become one of the largest private apartment owners and the 15th largest management company in the nation, boasting a $6.0+ billion portfolio, and 45,000 units in 21 metropolitan markets across 12 states (including Arizona, California, Colorado, District of Columbia, Florida, Georgia, Nevada, New Mexico, Oregon, Texas, Utah and Washington). For more information, visit www.allresco.com.