The investment firm purchased Metro Midtown using a $61.7 million loan originated by Newmark. The property was sold by AllianceBernstein and Merion Realty Partners, who had co-owned Metro Midtown for the past eight years.
Metro Midtown is located close to the Metro Rail at 2350 Bagby St. in Houston. The multifamily property includes one-, two-, and three-bedroom pet-friendly floorplans. All units are equipped with stainless steel appliances, in-unit washers and dryers and a patio/balcony area. On-site amenities include a fitness center, a business center, two pools and outdoor picnic areas.
Allied Orion Group now serves as the property manager for the complex. “We are pleased to manage this luxury rental option catering to the Houston Midtown community as we continue to expand our management portfolio of high-end apartment homes throughout Houston and the nation,” said Loyal Proffitt, President of Allied Orion Group.