Hartman Short Term Income Properties XX, Inc. (Hartman XX), a non-traded REIT, announced yesterday the completion of its acquisition of the Gulf Plaza building in Houston, Texas.
The multi-million dollar property is located in an area of Houston known as the Houston Energy Corridor, one of the city’s fastest growing real estate sub-markets. The building contains over 120,000 square feet and is 100% leased by Gulf Interstate Engineering, which is the eighth largest engineering firm based in Houston. The aggregate purchase price of the building was $13.95 million.
“I am very pleased that the fund was able to acquire Gulf Plaza and that based upon this and other positive developments within the fund, I expect strong results in 2014,” commented CEO, Allen Hartman, who started Hartman Management in 1984. Since then Hartman has raised approximately $350,000,000 in investor capital and funded 22 investor programs and 2 Tenant-in-Common IRS Section 1031 properties.
Mr. Hartman continued, “Our focus continues to be on preserving and protecting investors’ capital, providing investors with income and potential growth of principal through appreciation in value of the Company’s real estate investments.”
Hartman XX specializes in a value-added investment strategy that focuses on acquiring undervalued properties. The Texas-centric firm acquires, manages, and leases all of its properties.
The REIT expects to close in 2016 with a liquidity event anticipated to follow. Its offering size is $250 million and as of September 2013, it had raised approximately $54 million.