Multifamily Complex Draws Numerous Bids Despite Market Trends
Yesterday, Transwestern's multifamily investment services group announced the sale of the 164-unit Le Renaissance community to Moody National Cos. Managing director Ed Cummins and senior associate Ryan Mendez repped the seller.
Le Renaissance is a unique asset that generated considerable attention. Situated between Memorial High School and Memorial City Mall along I-10, Le Renaissance benefits from an average daily traffic count of more than 300,000 vehicles. The property is surrounded by more than 12M SF of new Class-A office developments, including the 240k SF Cemex HQ (below). With numbers like that, developers are chomping at the bit to turn the property into a mixed-use project.
For now, the apartment complex will stay on the 4.5 acres but a complex built in 1968 on land that valuable is not long for this world. The new owners have already declared their intention to redevelop the site into a mixed-use office and retail development when the time and price are right.