PGIM Real Estate Teams with Hanover to Buy 396 Units

PGIM Real Estate and Hanover Co. of Houston partnered up to acquire Mosaic South Tower, a 396-unit, Class A apartment complex at 5927 Almeda Rd., south of Houston’s CBD. The seller was Winthrop Realty Liquidating Trust of Boston, which is selling every property formerly owned by the Winthrop Realty Trust.

Situated on 2.4 acres, the complex has been rebranded as Hanover Hermann Park, with Hanover Co. assuming the leasing, operation and management duties of the asset. The sales price was not disclosed; the property was valued at $101.3 million.

According to PGiM’s Alfonso Munk, the appeal of the property was its proximity to many amenities, including parks, entertainment and public transportation, and the downtown employment center. Additionally, “the continued demand driven by Houston’s strong demographic trends made the property a compelling opportunity for our investors,” he said.

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