Allied Orion’s First Buy in Two Decades: Ashford Apartments

Allied Orion Group made its first property purchase in 19 years, acquiring the 312-unit Ashford Apartments (formerly Alexan Ashford) in Houston’s Energy Corridor submarket. The local buyer is an established developer and property management company, with plans to acquire more existing Class A and B assets.

The asset, situated on 3.1 acres, delivered in 2017 at 1200 N. Dairy Ashford Rd., near Interstate 10 and Dairy Ashford. Allied Orion’s Ricardo Rivas indicated that projected pro-forma rents were achieved in the current market, and the 10% discount to replacement cost was attractive. “We basically were able to accomplish in 60 days what would have taken us four years to develop and stabilize,” he said.

The complex offers one-and two-unit floor plans, averaging 836 square feet. Amenities include a resort-style pool with cabanas, fitness center, clubroom and demonstration kitchen, coffee bar, dog park with washing station, apartment butler service option and electric vehicle charging stations.

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