Invesco Real Estate Refis Houston Apartment Community With $68M Loan

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A joint venture between the Carlyle Group and Trammell Crow Residential has sealed a $67.5 million debt package to refinance a Houston multifamily asset, Commercial Observer has learned.

Invesco Real Estate supplied the floating-rate loan for the JV’s Alexan 5151 apartment community in Houston’s Galleria/Uptown area. Terms of the financing are three years with two one-year extension options.

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“We focus on the largest, most liquid markets around the U.S., and this property is located within a submarket and a micro-location that is absolutely prime within the market,” Charlie Rose, managing director and portfolio manager at Invesco, told CO. “We take both a macro perspective and a very micro perspective with underwriting real estate, and what we really like about this location is strong access to the most important employment centers in the market, immediate access to some of the best retail in the market, and very low supply in this immediate submarket.” 

Rose added that the property is currently 92 percent occupied. He said the sponsorship is planning to use proceeds to “optimize cash flow” before eventually exiting when market conditions are advantageous. 

Located at 5151 Hidalgo Street, near the junction of Interstates 610 and 69, the 397-unit Alexan 5151 opened in 2017. Its amenities include a business center, a coffee bar, a conference room with television, a resident lounge with fireplace, a fitness center, a yoga/spin room, a pet park, a dog spa and two pools with cabanas.

Officials at Carlyle Group did not immediately return a request for comment. Trammell Crow Residential declined to comment. 

Andrew Coen can be reached at acoen@commercialobserver.com