Avesta Communities LLC acquired the 426-unit Chateaux Dijon Apartments in an off-market transaction valued north of $45 million. FHB Beverly Hill LP sold the Class A apartment complex at 5331 Beverly Hill St. in Houston, with Glenn Dickerson of NewQuest Properties brokering the transaction.
Chateaux Dijon Apartments is situated on close to 11 acres in Houston’s Galleria submarket. The property was 90% occupied at the time of sale. “This was a one-time opportunity. This is one of the few tracts of that size in close proximity to the Galleria,” Dickerson said. “It was an opportunistic acquisition.”
Chateaux Dijon Apartments offers one, two, three, and four-bedroom apartments, ranging from 510 to 1,380 square feet. On-site amenities include five swimming pools, a dog park and washing station, cyber café, 24/7 fitness center, business center, coffee/tea bar and conference room. The property delivered in the mid-1960s, and underwent a large renovation in 2016.
Mark El-Rayes is an award winning designer and photographer from Beirut, Lebanon. El-Rayes has over 15 years in the design industry, 5 years of which he served as a Mass Communication Specialist in the United States Navy at Naval Air Station North Island, Navy Public Affairs Support Element - West (NPASE). El-Rayes is a full-stack developer, seo specialist, photographer, and artist.
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