HOUSTON, Nov. 30, 2017 – PGIM Real Estate and Hanover Company, a Houston-based private real estate firm specializing in high-quality multifamily residential properties, have formed a joint venture to acquire a Class A apartment community in Houston. The property, previously known as Mosaic at Hermann Park, has been rebranded as Hanover Hermann Park. PGIM Real Estate, acting on behalf of institutional investors, is the real estate investment business of PGIM, the $1 trillion global investment management businesses of Prudential Financial, Inc. (NYSE: PRU).
In addition to its ownership stake, Hanover has assumed responsibilities for the leasing, operation and management of Hanover Hermann Park.
“Hanover Hermann Park’s proximity to employment, parks, entertainment and public transportation, combined with the continued demand driven by Houston’s strong demographic trends, made the property a compelling opportunity for our investors.”
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Hanover Hermann Park is a 29-story, 396-unit apartment community on 2.35 acres, with 20,087 square feet of ground-floor retail space, direct access to major thruways and nearby public transportation, and unobstructed views of the 445-acre Hermann Park. In addition, residents can take advantage of the public park’s numerous cultural institutions and conveniently walk or bike via the Brays Bayou Trail to Rice University, Rice Village, the Museum District and the Texas Medical Center.
“Hanover Hermann Park’s proximity to employment, parks, entertainment and public transportation, combined with the continued demand driven by Houston’s strong demographic trends, made the property a compelling opportunity for our investors,” said Alfonso Munk, Americas chief investment officer at PGIM Real Estate. “We look forward to partnering with Hanover to enhance current and prospective residents’ living experience at Hanover Hermann Park through our combined expertise and strong network of local relationships in Houston, and will consider additional Houston-area multifamily investment opportunities over time.”
In addition to high-quality finishes and features in the apartment units, select community amenities include concierge and valet services; a 6,500-square-foot sky lounge overlooking Hermann Park; a 6,000-square-foot fitness center with boxing room; shuttle service to the Texas Medical Center; infinity pool with private cabanas; outdoor fire pits and grilling area; and a dog park.
Mark Seedorff, Atlanta-based executive director, South Region Transactions at PGIM Real Estate, led the transaction.
PGIM Real Estate’s investment in Hanover Hermann Park follows the recent acquisition of LaCenterra at Cinco Ranch, a 412,900-square-foot outdoor mixed-use retail lifestyle center in nearby Katy, Texas.
About Hanover Company
Hanover Company, located in Houston, stands among the most active private real estate companies in the United States, specializing in the acquisition, development, and management of high-quality multifamily residential properties nationwide. With 35 years of experience, Hanover is a vertically integrated company with acquisitions, development, construction, property management and asset management departments strategically focused on garden-style, mixed-use, high-density wood frame and high-rise projects. To date, Hanover’s award-winning project mix totals nearly 56,000 units across the country and more than $11.8 billion in project costs. U.S. markets include Atlanta, Austin, Baltimore, Boston, Charlotte, Chicago, Dallas, Denver, Houston, Los Angeles, Philadelphia, Phoenix, San Diego, San Francisco, and Washington, D.C.
About PGIM Real Estate
PGIM Real Estate is the real estate investment business of PGIM, the global investment management businesses of Prudential Financial, Inc. (NYSE: PRU). Redefining the real estate investing landscape since 1970, PGIM Real Estate has professionals in 18 cities in the Americas, Europe and Asia Pacific with deep local knowledge and expertise, and gross assets under management of $69.0 billion ($50.5 billion net) as of Sept. 30, 2017. PGIM Real Estate’s tenured team offers to its global client base a broad range of real estate equity, debt and securities investment strategies that span the risk/return spectrum. For more information, visit pgimrealestate.com.
With 14 consecutive years of positive third-party institutional net flows, PGIM, the global asset management businesses of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world with more than $1 trillion in assets under management as of Sept. 30, 2017. PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including fundamental equity, quantitative equity, public fixed income, private fixed income, real estate and commercial mortgages. Its businesses have offices in 16 countries across five continents.
Prudential’s additional businesses offer a variety of products and services, including life insurance, annuities and retirement-related services. For more information about PGIM, please visit pgim.com. For more information about Prudential, please visit news.prudential.com.
© 2017 PGIM is the primary asset management business of Prudential Financial, Inc. (PFI). PGIM Real Estate is PGIM’s real estate investment advisory business and operates through PGIM, Inc., a registered investment advisor. Prudential, PGIM, their respective logos as well as the Rock symbol are service marks of PFI and its related entities, registered in many jurisdictions worldwide. PFI of the United States is not affiliated with Prudential plc, a company headquartered in the United Kingdom. Ref: 17BDUFF-ATHSNR