After a decade of ownership, AEW Capital Management has sold Broadstone Memorial, a 401-unit community in Houston. Atlantic Pacific Cos. acquired the property through its third private equity fund, Blue Atlantic Partners Fund III.
Built in 2008, the property encompasses 31 three- and four-story buildings with one-, two- and three-bedroom apartments, ranging from 628 to 1,766 square feet. Washers and dryers, along with fireplaces are available in select units. Community amenities include a pool with cabanas, a fitness center, a resident clubhouse, a dog park and gathering areas.
Atlantic Pacific will rename the asset The Atlantic Memorial, with plans to make exterior and interior improvements. The renovation will include amenity enhancements and the addition of quartz countertops.
Located at 875 N. Eldridge Parkway, the community is within half a mile of Terry Hershey Park and a mile and a half of Spring Branch ISD Athletics Complex. The Energy Corridor, a major employment hub, is less than a mile away from the property. Interstate 10 is also within less than a mile from the property, offering residents easy access to retail venues, such as The Galleria, as well as downtown Houston.
Atlantic Pacific now owns 17 properties in Texas, totaling about 6,000 units. The company is also developing affordable housing properties, as just last month, Atlantic Pacific formed a partnership with Dania Beach Housing Authority and broke ground on the 75-unit third phase of Saratoga Crossings in Dania Beach, Fla., set for completion 2023.