Banyan Residential has purchased Lofts at the Ballpark, a 375-unit Class-A apartment property in the heart of downtown Houston.
The deal represents the firm’s first acquisition in the market.
Located at 610 Saint Emanuel St., on 4 acres, within an Opportunity Zone, the three-building property is just off Interstate 69. As reflected in its name, the community is within walking distance of two major sports venues: Minute Maid Park, home to the Houston Astros Major League Baseball team, and BBVA Stadium, home to professional soccer clubs the Houston Dynamo and the Houston Dash.
According to Yardi Matrix data, Lofts at the Ballpark came online in 2001 and comprises studios, one- and two-bedroom apartments, with washer/dryer units and private balconies/patios. Common-area amenities include a fitness center, business center, clubhouse and two swimming pools. The property also features 750 parking spaces.
Marble Capital acted as the buyer’s financial partner.
In March, Banyan broke ground on the Scottsdale Entrada, a mixed-use development in Scottsdale, Ariz. The residential section is scheduled for completion in late 2022.
