Transwestern Investment Management has just announced the acquisition of a Houston development, the Reserve at Westchase. Along with its equity partner, State Farm Life Insurance Company, Transwestern Investment Management has bought this 194,191-square-foot project that will be developed into a Class A office building in Houston's Westchase District.
The value of the transaction involving the acquisition of this property from ACRON Group has not been disclosed. Executed by Transwestern Investment Management under the direction of Collin Comer, managing director and Jonathan Napper, vice president, this acquisition is a strategic move for its new owner.
"This acquisition provided the opportunity to acquire a true Class A asset in one of Houston's strongest submarkets. Through this investment, our client will achieve strong returns with the potential for significant upside in the future," Napper explained.
The Reserve at Westchase was already entirely leased at the time of the acquisition. It is located in one of Houston's fastest growing submarkets, Briarpark Drive between Westheimer Road and Richmond Avenue, east of Beltway 8.
As part of the transaction, Transwestern Investment Management assumed an existing loan expected to take five to six months.
"TIM and its client were extraordinary in obtaining, organizing and processing the loan servicer's required due diligence," said Bernard Branca, senior vice president with CBRE, who represented the seller. "As such they were able to obtain approval from the loan servicer after 44 days of making loan assumption application, which allowed us to close before the end of the year."
Transwestern Investment Management, a privately held investment advisory firm specializing in designing and executing highly focused investment strategies for corporations, institutional investors and high-net-worth individuals, has thus added a first class commercial property to their asset portfolio. Given the high demand for this future office building and the area where it is located, it will fit well into their investment strategy of providing superior risk-adjusted returns.