Deal of the Week: Hines sells trophy WaterWall Place apartments to Hasta Capital
Hasta Capital has entered the Houston market with the purchase of WaterWall Place, a prime midrise apartment development in Uptown that kicked off Hines’ multifamily division in 2011.
The seven-story, 322-unit complex at 2801 WaterWall Drive added a new component to Houston-based Hines’ neighboring landmark developments, including Williams Tower, the Galleria and Gerald D. Hines Water Wall Park.
Hasta Capital, formed by former Greystar executives Mark Hafner and Rodrigo Suarez in 2016, develops multifamily rental apartments in Latin America and acquires existing apartments in the U.S. The company has offices in Mexico City and Florida.
“Over the past year we’ve acquired $300 million of multifamily properties in the Washington, D.C., market,” Hafner said in an email. “We’ve recently begun targeting the Houston market and expect WaterWall to be the first of multiple acquisitions in the Houston market over the next year.”
Completed in 2014, the 316,287-square-foot project was Hines’ first multifamily development in Houston. It was designed by Jackson & Ryan Architects in collaboration with Wallace Garcia Wilson Architects.
“WaterWall Place was a significant project for us and the property provides the buyer a first-class asset with an exceptional location,” Hines senior managing director Kevin Batchelor said in a statement. “The project’s premier setting, along with its architectural design and amenities, has resulted in attracting a very affluent renter profile and a successful lease-up with rents above pro forma.”
Todd Marix and Chris Curry of HFF represented Hines in the sale. Greystar will continue to manage the property.
Since 2011, Hines has developed 37 multifamily projects totaling more than 15,000 units in 25 cities. Locally, its developments include Aris Market Square, the Southmore and Residences at La Colombe d’Or.
In February, Hines sold 21eleven, a seven-story apartment project developed on the former site of Cafe Adobe on Westheimer five years ago. Outside of Houston, the company sold Cambridge in Cambridge, Mass., and The Ellington in Pasadena, Calif., this year.