In October 2013, Winthrop Realty Trust and New Valley Realty invested in a portfolio comprised of four best-in-class, luxury, rental apartment buildings. The San Pedro in Los Angeles was sold in 2014; remaining properties include Highgrove in Stamford, Connecticut, 44 Monroe in Phoenix, Arizona, and Mosaic II in Houston, Texas.
Mosaic II is a 396-unit Class A residential tower prominently situated along Almeda Road in an upscale area adjacent to the Texas Medical Center and just two miles south of Downtown Houston. Built in 2009 to condominium standards, Mosaic II opened as a rental property and has recently experienced exceptional success and leasing demand. Mosaic benefits tremendously from its location on Hermann Park in the Museum district, which includes the Houston Zoo, Hermann Park Golf Course, and Miller Outdoor Theatre. With convenient access to Highway 288, not only is Mosaic a short drive from Downtown and the Central Business District, it is also close to Rice University and the Texas Medical Center. This affluent location attracts professionals seeking a convenient lifestyle in the heart of Houston.
The Property shares oversized common areas and amenities with Mosaic I, its twin condominium tower which is connected to Mosaic II via the six-level parking garage. Given the towers’ combined scale, the Property is able to offer a fantastic amenity base that is unrivaled in the market. The resort-style pool deck with private cabanas, outdoor grills, spa, and two fire pits overlooking Hermann Park and the Hermann Park Golf Course is extremely popular with residents. The 6,500-square-foot modern social lounge is accessible from the pool deck and features large screen TVs, billiards, and a catering kitchen that can be used for private functions. 24-hour valet service allows for quick access to one’s unit and provides for convenient parking for residents and guests. The full service concierge offers a dry cleaning service, shuttles to Texas Medical Center and nearby universities, event tickets, and reservations. Perhaps the most utilized amenity is the Wellness Center, which is the largest such high-rise facility in the city.
Year Built: 2009
Total Units: 396
Rentable SF: 397,403 SF
Average Unit Size: 1,004 SF
Ground Floor Retail SF: 20,065 SF