Moody National Companies Acquires Third Texas Medical Center Site
Moody National Companies acquired its third Texas Medical Center site with approximately 1.25 acres of land at the southwest corner of Woodbury and Cambridge, within 100 feet of both the Michael DeBakey VA Hospital and Baylor's forthcoming 2.7 Million square feet hospital. Moody National Companies plans to develop a high-rise multifamily property on the site.
Alex Sims, Acquisitions Associate with Moody National Companies, sourced the commercial land acquisition in an off-market transaction.
Moody National Companies was attracted to the Texas Medical Center site because of the technical pressure on the submarket's housing due to its proximity within an inelastic submarket containing one of the densest concentrations of intellectual capital in the world. With several new Texas Medical Center hospitals in the pipeline, the forthcoming Cambridge multifamily development will provide medical professionals with immediate access to their work establishments.
Moody National Companies is actively sourcing additional development opportunities in the East Coast, West Coast and Sunbelt, noting strong demographic pressures and rising replacement costs.
Moody National Companies declined to disclose the purchase price for the Texas Medical Center site.