Real Estate

OHT Partners Sells Luxury Houston Community

Lenox Clear Lake. Picture courtesy of Praedium Group

The Praedium Group has acquired Lenox Clear Lake, a 380-unit luxurious group in Houston. OHT Companions bought the 2021-completed asset. That is the Praedium’s second purchase within the Houston metro space.

Situated at 15500 Middlebrook Drive, the property is lower than 10 miles from the Kemah Boardwalk leisure district, near Armand Bayou Nature Middle, with retail and eating choices obtainable just some two miles away, alongside the Bay Space Boulevard. The group is situated roughly 2 miles from the Lyndon B. Johnson Area Middle.

The property consists of conventional flats in addition to two-story townhouse configurations. The residences are geared up with trendy kitchens and home equipment, granite counter tops, walk-in closets and washers and dryers. Frequent-area facilities embrace a health heart, leisure lounge, pet spa and personal workspaces, in addition to out of doors areas corresponding to two swimming swimming pools and an out of doors kitchen with hearth.

Other than its energy-centric facet, Houston’s economic system is being boosted by the industrial area business, health-care and medical analysis, in addition to the continued multibillion-dollar funding within the Texas Medical Middle. The multifamily market has been increasing resulting from in-migration and employment alternatives, mentioned Peter Calatozzo, Principal at Praedium, in a ready assertion. Regardless of some earlier drawbacks, the Houston multifamily market stays one of many nation’s most sought-after by buyers, with a file $10.4 billion in transactions recorded final yr.

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