Walker & Dunlop, Inc. announced today that it completed the sale of The Co-Op at the Med Center, a 200-unit, garden-style property located in the heart of the Texas Medical Center in Houston, Texas. Originally built as a hotel, the asset was converted into a multifamily community in 2018 following a significant capital investment into the property.
Walker & Dunlop’s Scott Bray, Ryan Epstein, and Jennifer Ray represented the seller, Urban Genesis, in the transaction. The buyer, EAS Houston LLC, plans to capitalize on The Co-Op at the Med Center’s significant value-add potential with a number of upgrades, including interior unit renovations, upgrades to community amenities, and the addition of a technology package.
Mr. Bray commented, “Co-Op at the Med Center’s ideal location and unique characteristics position it well for future rent growth and value appreciation. The buyer’s planned updates are sure to be well-received by existing and prospective residents alike.”
The Co-Op at the Med Center is one of the only garden-style multifamily properties in the immediate area, which is surrounded by newer construction, Class A communities. The property’s unparalleled location provides immediate access to the Texas Medical Center, one of Houston’s largest and most consistent employment bases, with over 106,000 employees and hosting 10 million patients. Residents of The Co-Op at the Med Center also enjoy convenient access to several grocery stores and are within minutes of Houston’s Hermann Park.
Walker & Dunlop is a leader in multifamily property sales, having completed $4.74 billion in property sales volume in the first half of 2021. The firm was also the top provider of capital to the U.S. multifamily market, originating $31 billion in transactions and lending over $24 billion for multifamily properties in 2020. For information about multifamily properties available for sale via Walker & Dunlop's investment sales platform, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is the largest provider of capital to the multifamily industry in the United States and the fourth largest lender on all commercial real estate including industrial, office, retail, and hospitality. Walker & Dunlop enables real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. The power of our people, premier brand, and industry-leading technology make us more insightful and valuable to our clients, providing an unmatched experience every step of the way. With over 1,000 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune’s Great Places to Work® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.