H
asta Capital, a Mexico City-based multifamily investor and developer, has acquired the downtown Houston apartment complex Aris Market Square from Hines. The property, which features 274 units, was delivered in 2017 with the help of the Downtown Living Initiative's tax incentives. Hines had developed the luxury building with assistance from the initiative, which provided $15,000 per multifamily unit built downtown.

    Aris Market Square rises 32 stories at 409 Travis Street and boasts high-end amenities such as a ninth-floor pool, private garden, and listening room for vinyl records. The property also features Bravery Chef Hall, a food hall with five chef stations occupying 9,100 square feet of ground floor retail space.

    Hines had offloaded the property earlier this year but retained its role as property manager. Hasta Capital secured a $58.3 million loan from Berkeley Point Capital to finance the purchase, valuing each unit at approximately $213,000. The Harris Central Appraisal District valued the property at $107.6 million or $393,000 per unit.

    Hasta Capital is expanding its multifamily portfolio in the US and Latin America. The company owns properties in Florida, Texas, and Washington D.C., and has a presence in Mexico and Colombia. Houston's multifamily market is showing signs of stabilization after years of absorbing historic supply, with occupancy rates rising to 88.5% in the first quarter from 88.1% a year ago.