BETHESDA, Md., Nov. 3, 2021 /PRNewswire/ -- Walker &
Dunlop, Inc. announced today that it completed the sale of
The Co-Op at the Med Center, a 200-unit, garden-style
property located in the heart of the Texas Medical Center in
Houston, Texas. Originally built
as a hotel, the asset was converted into a multifamily community in
2018 following a significant capital investment into the
property.
Walker & Dunlop's Scott Bray,
Ryan Epstein, and Jennifer Ray represented the seller, Urban
Genesis, in the transaction. The buyer, EAS Houston LLC, plans to
capitalize on The Co-Op at the Med Center's significant value-add
potential with a number of upgrades, including interior unit
renovations, upgrades to community amenities, and the addition of a
technology package.
Mr. Bray commented, "Co-Op at the Med Center's ideal location
and unique characteristics position it well for future rent growth
and value appreciation. The buyer's planned updates are sure to be
well-received by existing and prospective residents alike."
The Co-Op at the Med Center is one of the only garden-style
multifamily properties in the immediate area, which is surrounded
by newer construction, Class A communities. The property's
unparalleled location provides immediate access to the Texas
Medical Center, one of Houston's
largest and most consistent employment bases, with over 106,000
employees and hosting 10 million patients. Residents of The Co-Op
at the Med Center also enjoy convenient access to several grocery
stores and are within minutes of Houston's Hermann
Park.
Walker & Dunlop is a leader in multifamily property sales,
having completed $4.74 billion in
property sales volume in the first half of 2021. The firm was also
the top provider of capital to the U.S. multifamily market,
originating $31 billion in
transactions and lending over $24
billion for multifamily properties in 2020. For information
about multifamily properties available for sale via Walker &
Dunlop's investment sales platform, visit our website.
About Walker & Dunlop
Walker &
Dunlop (NYSE: WD) is the largest provider of capital to the
multifamily industry in the United
States and the fourth largest lender on all commercial real
estate including industrial, office, retail, and hospitality.
Walker & Dunlop enables real estate owners and operators to
bring their visions of communities — where Americans live, work,
shop and play — to life. The power of our people, premier brand,
and industry-leading technology make us more insightful and
valuable to our clients, providing an unmatched experience every
step of the way. With over 1,000 employees across every major
U.S. market, Walker & Dunlop has consistently been named
one of Fortune's Great Places to
Work® and is committed to making the
commercial real estate industry more inclusive and
diverse while creating meaningful social, environmental,
and economic change in our communities.
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SOURCE Walker & Dunlop, Inc.