Star struck: Chinese Conglomerate Enters Lone Star State
The Texas real estate market has been turning heads, having recently grabbed the attention of one of the world’s largest construction and real estate conglomerates.
By Liviu Oltean, Associate Editor
Broadstone Post Oak
The Texas real estate market has been turning heads, and recently grabbed the attention of one of the world’s largest construction and real estate conglomerates. China’s CSCEC made its first step into the state this month through the acquisition of Broadstone Post Oak, a five-story, Class A multifamily community in Houston.
The asset was acquired for an undisclosed amount through CSCEC’s US-based investment platform, Strategic Capital.
The deal was announced by the CBRE Capital Markets’ Investment Properties team of Ryan Epstein, Clint Duncan and Wes Breeding. The trio arranged the transaction on behalf of the seller, Alliance Residential Partners.
“From identifying the investment opportunity to closing, the swift acquisition process for this transaction has validated our multifamily expansion strategy,” Ning Yuan, chairman & president of Strategic Capital and China Construction America said. “We are extremely pleased to mark our entry into the Texas market through this milestone transaction.”
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