Firm Purchases First Property in 19 Years as Part of Growth Plan
Allied Orion Group recently acquired Ashford Apartments (formerly known as Alexan Ashford), located in the heart of Houston’s Energy Corridor, in late February from Trammel Crow Residential. This acquisition marks the firm’s first property purchase in more than 19 years–adding an additional facet to its already established development, acquisitions, and property management focus. Expanding its growing portfolio by acquiring existing Class A and B assets is part of the company’s overall growth plan.
Built in 2017 and situated at 1200 N. Dairy Ashford Rd near I-10 and Dairy Ashford, Ashford offers upscale one and two-bedroom apartment homes, featuring granite countertops, gas stoves, upgraded wood cabinetry with clear cabinet door accents and under cabinet lighting, custom backsplash options, garden tubs, 10-foot ceilings, washers/dryers, oversized windows and doors, built-in USB ports in the kitchen and bathrooms, Bluetooth speaker package, Butterfly MX video intercom for residents, beverage coolers, and nest thermostats.
Ashford offers a wide array of amenities, such as a resort-style pool with in-pool lounges and seating, sun deck and poolside cabanas, a two-story, state-of-the-art fitness center with towel service, indoor and outdoor Wi-Fi lounges, clubroom, demonstration kitchen, 24-hour coffee bar, covered outdoor kitchen featuring two grills, TV and ceiling fans, outdoor fire pit, enclosed dog park with washing station, package concierge lockers, apartment butler service option, bike storage, covered parking garage, and electric vehicle charging stations.
“We are pleased to add Ashford to our owned and managed property portfolio,” said Ricardo Rivas, Principal and Chief Executive Officer of Allied Orion Group. “We have been evaluating hundreds of acquisitions opportunities, and Ashford met our core plus criteria. The projected pro-forma rents were already achieved in the current market, and at a 10 percent discount to replacement costs, it made perfect sense for us. We basically were able to accomplish in 60 days what would have taken us four years to develop and stabilize.”