Home Alts News Hartman vREIT XXI Buys Three Houston Office Buildings

Hartman vREIT XXI Buys Three Houston Office Buildings

Hartman vREIT XXI Inc., a publicly registered non-traded real estate investment trust, has purchased three separate buildings located in Houston, Texas for approximately $20.6 million.

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Hartman vREIT XXI Inc., a publicly registered non-traded real estate investment trust, has purchased three separate buildings located in Houston, Texas for approximately $20.6 million. The properties include 1400 Broadfield, 16420 Park Ten, and 7915 FM 1960.

Built in 1982, 1400 Broadfield is a six-story office building totaling approximately 102,900 square feet and is 70.1 percent occupied by 13 tenants, including Strategy Engineering & Consulting and RGN-Houston XL.

16420 Park Ten is a five-story office building totaling approximately 83,800 square feet. The property was built in 1982 and is 53.6 percent occupied by 13 tenants, including Liberty Lift Solutions and West Africa Management Service.

7915 FM 1960, a three-story office building totaling approximately 67,600 square feet, was built in 1982. The property is 41.9 percent occupied by 11 tenants, including CHCA Woman’s Hospital of Texas and Aces Global Quality Services.

The three properties were acquired from Houston Portfolio LLC, an unrelated third party, and were financed with proceeds from the Hartman vREIT XXI’s public offering. Hartman XXI Advisors, the REIT’s external advisor, received an acquisition fee of approximately $513,750.

In other Hartman vREIT XXI news, the company recently declared a net asset value per share of $11.70 for its Class A common stock and $11.23 for Class T shares, as of December 31, 2018.

Hartman vREIT XXI commenced its initial public offering in June 2016 for up to 25 million shares of common stock priced at $10.00 per share. In June 2019, the company registered a follow-on offering for up to $220 million of its Class A shares and Class T shares.

Hartman vREIT XXI invests in value-oriented commercial properties, including office, retail, industrial, and warehouse properties located primarily in Texas, that the company believes have the potential for growth in income and value from re-tenanting, repositioning, redevelopment, and operational enhancements. Hartman vREIT XXI broke escrow on December 1, 2016 and had raised approximately $58.3 million in investor equity since inception, as of June 30, 2019.

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