Tower rebranded
Joint venture created to acquire 29-story structure that has a twin close by
One of the twin residential buildings near Hermann Park has a new name.
One of the twin residential towers perched above Hermann Park just off Texas 288 has been sold to a joint venture that has rebranded the property and taken over management and leasing.
PGIM Real Estate and Houston-based Hanover Co. formed a joint venture to acquire the upscale building, previously known as Mosaic at Hermann Park.
The 29-story tower is now known as Hanover Hermann Park. The other tower is still called Mosaic.
Hanover will handle leasing, operations and management for the 396 apartments in its tower. The building also has 20,087 square feet of first-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,” Alfonso Munk, chief investment officer for the Americas with PGIM Real Estate, said in a statement. Munk said the company will consider making additional multifamily investments in the Houston area.
The building’s amenities include concierge and valet services, a “sky lounge” overlooking Hermann Park and a 6,000-square-foot fitness center with a boxing room. There’s also a dog park, infinity pool, and outdoor fire pits and grills.
The twin-tower project was announced in 2005, and by 2009 — when just one of the buildings was completed — the developer had defaulted on a construction loan. At that time, the country was reeling from the financial crisis, and there wasn’t an appetite for the buildings’ nearly 800 units.
A year later, the project was acquired by ST Residential in a partnership with the Federal Deposit Insurance Corp.
Both buildings originally were intended to be for-sale condominiums.
PGIM Real Estate, which invests in real estate on behalf of institutions, is part of global investment manager Prudential Financial. Mark Seedorff, an Atlanta-based executive director with PGIM Real Estate, led the transaction.
PGIM Real Estate’s investment in the building follows its recent acquisition of LaCenterra at Cinco Ranch, a 412,900-square-foot lifestyle center.