Sep 12, 2016 - The Texas Medical Center, located 3.7 miles from downtown, is the ... regional offices in Houston and San
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Origin Partners With F&B Capital to Acquire AMLI at the Medical Center Proximity and ties to world’s largest medical center creates unique acquisition opportunity as partners plan modernization program CHICAGO (September 12, 2016)—Chicago-based Origin Investments and its joint venture partner F&B Capital have completed the acquisition of the AMLI at the Medical Center, a 334-unit apartment complex located near the Texas Medical Center in Houston. “This is a great opportunity for us to acquire a well-located, institutional-quality product at a very attractive basis,” said Matt Ozee, Vice President of Acquisitions, Origin Investments. “For many, the perceived impact the oil and gas industry could have on value and potential of an asset makes investing in Houston challenging. However, with limited exposure to the oil and gas industry and the demand drivers created by the Texas Medical Center we believe this asset will continue to perform very nicely.” AMLI at the Medical Center is comprised of 19 buildings—five two-story townhome buildings and 14 threestory apartment buildings—as well as a clubhouse and 11 detached parking structures. The complex, which spans almost 14 acres and was developed in 2000, includes a leasing center, fully-equipped clubhouse, a resort-style fitness center and a large pool with lounge seating area. At the time of acquisition the complex was 90 percent leased. As part of its acquisition and management strategy, Origin and F&B Capital are launching a comprehensive, complex-wide exterior and interior modernization program. Leveraging its unique location, the partnership believes that by further enhancing the competitive position of the property it will be able to improve the overall appeal to future residents. Units in the AMLI Medical Center complex include 136 one-bedroom, one bathroom; 180 two-bedroom, two bathroom; and 18 three bedroom units. When the modernization program is complete, units will feature vinyl wood flooring, granite or stone countertops, stainless steel appliances, tile backsplashes, modern LED lighting features and a contemporary paint design. All units feature washers and dryers. “Following the renovation program, which will be completed in phases, AMLI at the Medical Center will offer a very good value proposition in the submarket and aggressively contend with newer products at an attractive rental discount,” said Josh Kahn, Vice President of Investments, F&B Capital. The Texas Medical Center, located 3.7 miles from downtown, is the world’s largest medical complex. It spans 1,345 acres making it the 8th largest business district in the country. The area is currently undergoing over $3.25 billion in expansions and renovations. Of the many institutions in the Medical Center, 21 are hospitals, three are medical schools, six are nursing programs, eight are academic and research institutions and two are universities, among others. More than 106,000 people are employed in the center. According to Ozee, more than half of the current residents at AMLI at the Medical Center have a direct connection to the Center, either as employees or students. This marks the second time in less than six months that the two real estate firms have partnered together to acquire a Texas Apartment complex. In March Origin Investments and F&B Capital purchased the 344-unit, Mission Hills Apartments, 2900 Sunridge Drive, in Austin.
F&B Capital and its sister management company, Roscoe Properties, Inc., have established themselves as innovators in the operations of multi-family communities. They create customized management plans and maintain a foundation built around industry best-practices and customer service. Roscoe Properties operates regional offices in Houston and San Antonio and currently manages over 10,000 units. Founded in 2007, Origin Investments is a real estate investment firm that acquires office and multifamily properties in eight fast-growing markets: Charlotte, Raleigh, Atlanta, Houston, Dallas, Austin, Chicago and Denver. With offices in Chicago, Charlotte and Dallas. Origin has nearly a half-billion dollars in assets under management. The firm also offers its investment opportunities to accredited investors at origininvestments.com. Origin is currently raising capital for its Fund 3, a $150 million fund for which it has already raised $70 million in committed capital including a $10 million commitment from the firm’s cofounders, David Scherer and Michael Episcope. Origin’s previous two funds are averaging a 25.4% Net return to investors and have been ranked by Preqin as top quartile.
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