29th Street Capital Seizes on Undervalued Asset Near TMC
Privately held real estate investment firm 29th Street Capital (29SC), recently acquired Lincoln Medical Center Apartments for an undisclosed purchase price. The purchase marks the firm’s 13th multifamily acquisition in the Houston metro area, totaling nearly 4,000 units in the market.
Built in 1990, Lincoln Medical Center Apartments is a class-B 224-unit asset located in the Med Center/Braes Bayou submarket of Houston. 29SC plans to re-brand the asset as Helix at Med Center and will refresh the leasing office and amenities at the property.
29SC’s in-house property management group, Haven Residential, will oversee the management and leasing at Lincoln Medical Center Apartments.
“We believe this investment represents a unique opportunity to buy an undervalued institutional-quality asset in a high-growth submarket in Houston,” said Doug Burt, 29SC’s vice president of acquisitions based in Houston. “The Texas Medical Center is currently undergoing a tremendous expansion and the apartment supply pipeline will be minimal in the near future.”
Lincoln Medical Center Apartments is located at 7200 Almeda Rd., approximately 5 miles south of downtown Houston. The location has access to the Texas Medical Center, Greenway Plaza, Galleria/Uptown District, life sciences employers and other retail and entertainment options.
“There is over $3 billion of life sciences-oriented development within a three-mile radius of Lincoln Medical Center,” adds Burt. “The employment boom combined with continued population growth will benefit the asset moving forward.”
The new TMC3 project, a $1.5 billion life sciences and research development center, will deliver in 2022 and add 26,000 jobs in the immediate area. Additionally, Hines Development has broken ground on a 52-acre life-sciences oriented mixed-use development just one mile east of LMC.