Hartman vREIT XXI Announces Acquisition of Suburban Houston Office Building
February 7, 2019
Hartman vREIT XXI, Inc. (vREIT XXI) completed its acquisition of 11211 Katy Freeway on January 10, 2019. 11211 Katy Freeway is a 6-story, 77,882 square foot suburban office building, located in the Houston, Texas submarket of Katy Freeway West. The contract purchase price was $5,100,000, which equates to approximately $65 per square foot.
“11211 Katy Freeway is an attractive value-add investment for vREIT XXI that allows us to continue adding value to shareholders while effectively serving the needs of current and prospective tenants in the Katy Freeway West submarket,” said Al Hartman, Chairman and Chief Executive Officer.
Currently 68% leased, 11211 Katy Freeway is comprised of a diverse mix of tenants with staggered lease expirations, offering investors stable in-place cash flow and value creation opportunities through tenant retention and new leasing at increased market rental rates.
“The acquisition of 11211 Katy Freeway is a great addition to our office portfolio in Houston. The Katy Freeway West submarket, which includes the Energy Corridor, has been the economic engine of West Houston for several years. This area has solid economic fundamentals and remains attractive to many businesses,” said David Wheeler, Hartman’s Chief Investment Officer.
Sources: SEC, Google Earth
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