HOUSTON, TX – Next Investments acquires Madison Park Apartments, located at 9801 Meadowglen Ln in Houston, a 576-unit, garden-style community that was built in 1979.
Madison Park is a HPD, BLUESTAR Certified community located in the heart of the Westchase District. The property is on an expansive 23.49 acres and has a total of 72 buildings. Amenities include 4 swimming pools, two playgrounds, nine laundry centers, a dog park, 2 card key access fitness centers, private patios/balconies, a large central park with new equipment, tables and bbq’s to be enjoyed by friends and family. The unit mix offers one, two, and three-bedroom apartments ranging from 758-1428 sq ft.
Located Just south of Westheimer and approximately two miles west of the Galleria, the property is located in the improving Westchase District of Houston, just east of the Beltway 8/Sam Houston Tollway, and offers residents easy access to major Houston freeways and large employment areas. The Westchase district has 1,500 businesses employing 81,000 people, 23 hotels with over 3,000 rooms, 18M+ SF of office space, 1.67M+ SF of retail and nine Fortune 200 companies.
“We are proud to expand our footprint in the Houston area with the acquisition of Madison Park. Next was attracted to this opportunity due to an attractive cost basis in an improving market, strong in-place stable cash flows, an opportunity to perform a renovation program in a market where it is proven that the Project’s rent lags the market, and finally, very attractive financing,” said Manish Jain, Managing Partner at Next Investments.
Next Investments, TPEG and TRI Consulting Group coordinated the acquisition of the apartment community.