“We were impressed by this A Class asset location, and are excited to provide service to Houston's Texas Medical Center employees as well as patients and their families.” -- Charlie Yalamanchili, Ilan Chairman and CEO
HOUSTON, TX (PRWEB) January 20, 2017
llan Investments, a Houston-based residential real estate investment company, has recently closed on a 293-unit, mixed-use development in Houston’s flourishing Texas Medical Center area. This asset represents Ilan’s third acquisition in the past 12 months.
The development, which includes the Domain at Kirby apartment community, is a Class A property offering both residential and retail commercial spaces, according to Charlie Yalamanchili, chairman and CEO of Ilan Investments.
“We were impressed by this A Class asset location, and are excited to provide service to medical-related employees as well as patients and their families,” Yalamanchili said. “Our plan with this property is to re-create a rooftop observation oasis for residents to enjoy, which will be the first of its kind for us,” Yalamanchili added.
To date, Yalamanchili has facilitated more than $3 billion of real estate transactions including retail centers, apartments and office, land and mixed-use properties over his career.
This acquisition will bring Adara’s total number of managed units to approximately 17,000.
Second Ilan Acquisition Through Equity Crowdfunding
Capitalization for Ilan’s newest acquisition resulted partially from real estate equity crowdfunding, which as a sub-industry in real estate, topped $2.5 billion in 2015, according to Massolution, an industry research and advisory firm. For this project, Ilan turned to Crowdstreet, a real estate crowdfunding platform.
“This is Ilan’s second acquisition this year through equity crowdfunding, and we’re finding this new funding approach to be extremely beneficial and worthwhile,” said Brent Bunger, Ilan executive vice president. “It not only serves us well, equity crowdfunding creates new opportunities for new investors looking to add real estate to their financial portfolios.”
Ilan’s new property is located within the heart of the Texas Medical Center in Houston and several shopping and dining choices, and is positioned to draw residents employed in the Medical Center, Uptown, Downtown and EaDo areas of Houston, according to Michael Harger, Adara’s vice president of marketing and development. “This property also holds a special place in our portfolio by offering convenient corporate housing options to those who are temporarily undergoing treatment at the Medical Center,” Harger added.
About Ilan Investments
Since inception in 1982, Ilan and its predecessor companies have carried the dual mission of being aggressive market participants while never losing site of the founder’s moral standards and fiduciary responsibility. The company is focused on generating above market risk adjusted returns by leveraging its experience and market knowledge during the acquisition period, and relying on superior execution once the asset has been purchased.
About Adara Communities
Adara Communities, the property management arm of Ilan Investments is a unique asset and advantage. Unlike most multifamily operators who use third party management, Adara allows for seamless communications during the acquisition as well as operational hold period. As the operational extension of the company, Adara is one of the most experienced and savvy operators when it comes to repositioning deals. The combination of decades of applicable experience and a significantly scaled current portfolio embed Adara with market knowledge that is both deep and spread across a number of markets.