NewQuest Brokers Off-Market Sale of 326-Unit Class A Complex in Houston Medical Center
June 26, 2023
HOUSTON – 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.
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