Hines offloaded a luxury apartment building in downtown Houston earlier this year but has stayed on as the property manager.
The Houston-based developer delivered the 274-unit Aris Market Square in 2017. Deed records show the buyer was Hasta Capital, a multifamily investor and developer based in Mexico City.
Hasta borrowed $58.3 million from Berkeley Point Capital for the purchase, loan records show. The loan amount comes to $213,000 per apartment unit. Harris Central Appraisal District valued the property at $107.6 million, or $393,000 per unit, this year.
Aris Market Square rises 32 stories at 409 Travis Street, across from Market Square Park. The property features high-end amenities like a ninth-floor pool, a private garden and a listening room for vinyl records. Bravery Chef Hall, a food hall with five chef stations, occupies 9,100 square feet of ground floor retail space in the building.
Hines developed the property with the assistance of the city’s Downtown Living Initiative, which provided $15,000 in tax incentives per multifamily unit built downtown. That comes out to $4.1 million for Aris Market Square. The program, which had a 5,000-unit cap, spurred a wave of multifamily development in downtown Houston.
After years of absorbing historic supply — which put a damper on rents and occupancy rates — Houston’s multifamily market is showing signs of stabilizing.
Occupancy across the city rose slightly from 88.1 percent a year ago to 88.5 percent in the first quarter, according to Colliers. The occupancy rate showed a stronger recovery in the Class A segment of the market, jumping from 81.4 percent to 83.9 percent over the last 12 months.
Hasta is developing multifamily properties in Mexico and Colombia. The firm owns four properties in Florida, seven in Texas and seven in the Washington, D.C., area.
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