Madera Residential Scoops Up Alexan Southside for $30M

A $30 million senior loan has been provided to Madera Residential for the acquisition of the 270-unit Alexan Southside. The class-A multifamily community is located at 4139 Bellaire Blvd. in the inner loop of Houston and near the Texas Medical Center.

Built in 2017, the L-shaped four-story property consists of 190 one-bedroom units averaging 752 square feet and 80 two-bedroom units averaging 1,241 square feet which feature 10-foot ceilings and open floorplans. The building wraps a five-story parking deck which has 445 parking spaces.

PCCP LLC provided the loan.

“This loan provides our firm with an attractive opportunity to lend to Madera Residential, an experienced repeat PCCP borrower, on a well-located high-quality asset that we expect will benefit from the continued growth of the surrounding area,” said Ron Bonneau, managing director with PCCP. “Alexan Southside benefits from a core infill location within Houston between the affluent neighborhoods of Southside Place, West University Place and Bellaire, and is less than three miles west of the Texas Medical Center, the largest medical center in the world.”