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PGIM Real Estate and Hanover Co. have formed a JV to acquire Mosaic at Hermann Park, a 29-story, 396-unit Class-A apartment community near Houston's high-profile Museum District. The property will be rebranded as Hanover Hermann Park, falling in line with Hanover's five other Houston properties. In addition to its ownership stake, Hanover has assumed responsibilities for the leasing, operation and management of Hanover Hermann Park, which features 20K SF of ground-floor retail space.
“Hanover Hermann Park’s proximity to employment, parks, entertainment and public transportation, combined with the continued demand driven by Houston’s strong demographic trends, made the property a compelling opportunity for our investors,” PGIM Real Estate Americas Chief Investment Officer Alfonso Munk said.
The acquisition is PGIM's second in Houston this month. PGIM Real Estate’s investment in Hanover Hermann Park follows the recent acquisition of LaCenterra at Cinco Ranch, a 413K SF outdoor mixed-use retail lifestyle center in nearby Katy.
PGIM Executive Director Mark Seedorff led the transaction.
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