Houston-based apartment company Hanover Co. and PGIM Real Estate, part of Prudential Financial Inc.’s businesses, formed a joint venture to buy an apartment tower across from Houston’s Hermann Park.
The JV bought Mosaic at Hermann Park, a 29-story, 396-unit apartment community on 2.35 acres at 5925 Almeda Road, according to a press release. The property also has 20,087 square feet of ground-floor retail space. An adjacent condominium tower was not part of the acquisition, a spokesman confirmed.
Mark Seedorff, Atlanta-based executive director of south region transactions at PGIM Real Estate, led the deal. Hanover has assumed leasing, operation and management responsibilities for the acquired property.
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