A local developer has sold the 326-unit Virtuo Med Center Apartments in an off-market transaction with a private investor from the Northeast, one of several hotly pursuing the rare opportunity to buy into one of Houston’s highest barriers-to-entry submarkets.
TMC Grand Apts LLC has parted with a four-story, wrap-around complex set on 6.39 acres at 7110 Ardmore St. in the Houston Medical Center. The multifamily development, completed in 2020, is located close to NRG Center, the city’s 706,000-sf convention complex, and TMC, a six-million-sf master plan to create the world’s largest life sciences’ campus.
“Virtuo Med Center never made it to market. There was immediate interest when we reached out to our network of buyers because of the location,” says Glenn Dickerson, senior vice president of Houston-based NewQuest Properties. He and colleague Brad LyBrand, executive vice president, represented the seller.
The high-profile area is undergoing gentrification, with aging industrial projects on the way out and new builds on the horizon. “With NRG Center and TMC so close, it’s just rare to see a property up for sale. Both are just a bike ride away,” Dickerson says.
The developer’s M.O. is build and sell, which is what fueled the trade to Virtuo Med Center Apts LLC. Tom Wilkinson of KET Enterprises represented the buyer, who closed on the acquisition within four months.
Virtuo Med Center is a mix of studios and one- and two-bedroom units, ranging from 509 sf to 1,189 sf. The market-rate, class A complex features a hotel-inspired pool, 24-hour fitness facility, work-from-home spaces, bicycle storage, coffee bar, podcast room, business center, serenity room, private dining area and clubhouse.
SOUTH TEXAS SALES
TMC Grand Apts LLC has soldthe 326-unit Virtuo Med Center Apartments, totaling 257,963 sf, on 6.39 acres at 7110 Ardmore St., Houston, to Virtuo Med Center Apts LLC. Brad LyBrand and Glenn Dickerson of NewQuest Properties represented the seller. Tom Wilkinson of KET Enterprises represented the buyer.
512 E 11th St LLC has sold a 1,300-sf office building and 1,500-sf warehouse on 0.23 acres at 512 E. 11th St. in the Houston Heights to N Cubed LLC. Rick Ragan of NewQuest Properties represented the seller and sourced the buyer, who plans on operating it as Heights-Studewood Pharmacy. Quy Nguyen of XITE Realty represented the buyer.
SOUTH TEXAS LEASE
Smoothie King has leased 1,400 sf of retail space in Fairfield Marketplace, located at the intersection of TX 290 and Mason Road, Cypress, from NewQuest Properties. Bob Conwell of NewQuest Properties represented the landlord. Whitney Fisher and Greg Slusky of Sluco Realty Services represented the tenant.
CENTRAL TEXAS LEASE
Crust Pizza has leased 2,739 sf in Creekside Town Center, located at the intersection of Interstate 35 and FM 306, New Braunfels, from NewQuest Properties. Kevin Sims and Nick Ramsey of NewQuest Properties represented the landlord. Brett Strake of NewQuest Properties represented the tenant.
NewQuest Properties, founded in 2001, is a privately owned, full-service commercial real estate firm specializing in development, land brokerage, leasing, tenant representation, investment sales and property management services. Headquartered in Houston, NewQuest owns a portfolio encompassing more than 100 retail and mixed-use projects exceeding $2.3 billion in value and provides leasing services for more than 12 million square feet of commercial space in Texas, Louisiana, Arizona, Georgia and throughout the U.S.
