A prominent apartment complex that was completed last year in the Museum District has traded hands.
Lubbock, Texas-based investment firm Madera Residential paid an undisclosed amount to acquire the 325-unit Chelsea Museum District. While the terms of the transaction were not disclosed, Harris County Appraisal District records said the property was valued at $75.1 million as of Jan. 1.
Chris Curry, Todd Marix, Jeff Skipworth, Chris Young and Kyle Whitney of New York-based Berkadia marketed the property at 4641 Montrose Blvd. on behalf of Scottsdale, Arizona-based Alliance Residential Co.
“Chelsea Museum District’s location and its construction quality have made it one of the more successful high-rises in Houston’s history. Drafting off the Texas Medical Center growth and Houston’s ‘innovation corridor,’ Chelsea is in a great position to thrive well into the future,” Curry said.
The nine-story complex offers one- and two-bedroom apartments ranging from 412 to 1,632 square feet. Individual units feature 10-foot ceilings, light wood plank flooring, quartz countertops, blackout shades, temperature-controlled wine chillers, washer and dryers with smart technology, and private balconies or private yards. The community amenities include a pool with a tanning ledge and private cabanas, an outdoor kitchen with two gas grills, an exercise center, a yoga and spin room, a coworking lounge with private conference room, a speakeasy-style bar, a wine lounge with city views, golf simulation room, electronic package lockers, a pet spa and a dog park.
The complex is within walking distance to Houston’s Museum District, the so-called “innovation corridor” anchored by the Ion, Hermann Park and Bell Park.
In 2019, when Alliance announced plans to build an apartment complex at this site, the project was known as the Broadstone Museum District. However, the name changed to the Chelsea Museum District when it opened in 2021. The apartment complex continued to operate as part of Alliance’s Broadstone portfolio.
The project was built on the site of the former Chelsea Market retail development, which was torn down in 2019.
Alliance Residential is known for building high-end multifamily developments and then selling them off to investors. Last year, the company sold two luxury apartment complexes in the Heights to Florida-based Cardone Capital, whose CEO, Grant Cardone, is perhaps best known for his appearances on the Discovery Channel’s “Undercover Billionaire.”
Cardone Capital paid an undisclosed sum to purchase 15th Street Flats and Heights Waterworks. Together, the two eight-story multifamily properties have 646 units between them. Located at 1414 N. Shepherd Drive, 15th Street Flats was completed in 2021. The 337-unit apartment complex offers one- and two-bedroom units ranging from 638 to 1,273 square feet. Heights Waterworks, at 515 W. 20th St., was completed in 2020 and offers 309 units of one- and two-bedrooms, ranging from 600 to 1,265 square feet. Development of the project began in 2018.
Last year, Alliance also expanded into the industrial space with the formation of Houston-based Alliance Industrial Co. The new company focuses on developing warehouse logistics and distribution space, a hot sector in real estate as e-commerce grows. Earlier this summer, Alliance Industrial announced plans to build the first-ever speculative project of 1 million square feet or more in the region between Austin and San Antonio.
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