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Alliance Residential CEO Bruce Ward and 4641 Montrose Boulevard (Alliance Residential, Greystar)
Alliance Residential just sold off another prime Houston property.
The latest deal was the 325-unit Chelsea Museum District, aptly named for its proximity to Museum Park — also known as the “innovation corridor” anchored by the Ion, Hermann Park and Bell Park.
Madera Residential bought 4641 Montrose Boulevard for an undisclosed amount, the Houston Business Journal reported. The terms of the sale were not disclosed, Harris County Appraisal District records said the property was valued at $75 million at the beginning of this year.
The Lubbock-based investment firm recently entered a $1 billion partnership with Irving-based apartment builder JPI and Waymaker Capital Partners, a self-described Christ-centered multifamily investment platform. The joint venture aims to build 3,300 apartments across the Dallas-Fort Worth metroplex.
Alliance’s business model centers on building or renovating high-end multifamily developments and then selling them off to investors. Last year, the company sold two luxury apartment complexes in the Heights — another trendy Houston neighborhood on the rise — to Florida-based Cardone Capital. CEO Grant Cardone is perhaps best known for his appearances on the Discovery Channel’s “Undercover Billionaire,” as well as the allegations in 2020 that he misled thousands of investors with false promises of steep returns that never materialized.
Alliance first announced plans to build an apartment complex at the Montrose Boulevard site in 2019 — back when the project was known as the Broadstone Museum District. The development went up on the site of the former Chelsea Market retail development, which was torn down that same year. Chelsea Museum District has been operational since 2021.
The complex offers one- and two-bedroom apartments ranging from 412 to 1,632 square feet. All units include the typical trappings of a newly built upscale apartment — i.e., high ceilings, wood plank flooring, quartz countertops, wine chillers, etc.. The complex also features a speakeasy-style bar, wine lounge, golf simulation room, electronic package lockers, a pet spa and a dog park.
— Maddy Sperling
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