Houston: 320-unit Villas at Hermann Park sold

HOUSTON – The 320-unit garden-style Villas at Hermann Park, located at 6301 Almeda Rd., has been purchased.

Built in 2000 with a combination of one-, two- and three-bedroom units, Villas at Hermann Park has rents that range from $1,300 to $2,600 per month. Units average 1,020 sf, and the complex is 94 percent occupied.

The location is directly across from Hermann Park and near major employers such as the Texas Medical Center and close to Texas 288.

Chicago-based Waterton Associates purchased the property from Falcon Southwest. On the first-floor units, the firm plans to add fences at 55 units to create private outdoor areas.

Along with upgrades, the firm is projecting an increase in rents by about $150 over the next two years.