HOUSTON, TX - Ascendant Capital Partners, a vertically integrated real estate investment and operating platform, and Culver Investment Partners, a multifamily investment platform focused on existing core-plus and value-add multifamily communities, announced the acquisition of the Elle Collection portfolio in the Texas Medical Center area, a populous and growing submarket of Houston, TX, for approximately $60 million. The acquisition marks Ascendant and CIP’s first deal together and the first investment for CIP’s new platform.
The Elle Collection comprises three multifamily assets – Elle at the Medical Center, Vie at the Medical Center, and Plaza Townhomes at the Medical Center – totaling 470 units. This strategic acquisition aligns with Ascendant and CIP's investment focus on acquiring well-located residential assets in high-growth markets with strong fundamentals.
“We are excited about this latest addition to our portfolio,” said Russell Gimelstob, Founder and Chief Executive Officer of Ascendant. “The Medical Center is a dynamic submarket that has multiple demographic demand drivers, including a growing job market, concentration of world-class medical facilities and research institutions, and is home to medical professionals, researchers, and support staff, all of whom need access to high quality housing. We look forward to partnering with CIP to deepen our presence in Houston and enhance the value of these properties through our operational expertise. Looking ahead, we expect to remain active deploying equity and structured capital solutions across the hospitality and residential sectors.”
“We are pleased to acquire this portfolio that provides needed housing in Houston’s fast growing Medical Center neighborhood,” said Jeremy Basloe, Founder and Managing Partner of CIP. “The portfolio has three differentiated offerings catering to the needs of the residents in the submarket. We believe by acquiring this portfolio at such an attractive basis and implementing our operational and capital-intensive business plan, we can provide residents with a high quality of living while also delivering returns to our investors. We are eager to continue to capitalize on the current market dislocation to execute attractive and accretive acquisitions across Texas and the Sunbelt regions.”
The Elle Collection benefits from its prime location within the Medical Center, one of the largest medical districts in the world. The Medical Center is a major economic driver for Houston, attracting a strong tenant base of medical professionals and students. The partnership will seek to implement a strategic capital improvement plan to enhance the resident experience at the Elle Collection properties.