Los Angeles, CA, February 28, 2024 — This marks a significant milestone for Ascent Equity Group as it expands its portfolio into the retail and entertainment asset class, recognizing the opportunity to diversify in response to evolving post-COVID consumer habits. The acquisition aligns with the company’s commitment to sourcing top-tier deals in thriving markets while continuing its focus on multifamily investments.
Key Highlights of the Metropark Square Acquisition:
Ideal Timing and Market Trends: The Metropark Square aligns perfectly with post-COVID spending trends, focusing on experience-based activities, entertainment, and in-person shopping in modern, amenity-rich complexes.
Strategic Location: Situated in The Woodlands, one of Houston’s most popular suburbs, The Metropark Square benefits from a robust local economy, with a median income of $130,000 and over 115,000 residents. Placer.ai, which tracks cell phone data, ranks The Metropark Square in the top 97th percentile of places visited in the country.
Extensive Downside Risk Protection: The deal includes robust downside risk protection in partnership with the Sam Moon Group.
Preferred Equity Structure: Ascent Equity Group is particularly excited about the preferred equity structure, positioning them next in line after senior debt repayment. The property’s current appraisal provides a substantial buffer above Ascent’s total investment.
Thriving Experience Economy: The Metropark Square capitalizes on the growing trend of the experience-driven economy in the U.S., projected to be worth $12 billion in 2023. The complex offers diverse retail, dining, activities, and entertainment options, perfectly aligned with consumer preferences for immersive experiences.
Prime Tenant Mix: With anchor tenants like AMC and Dave & Buster’s, Metropark Square caters to consumers’ evolving preferences seeking multi-use complexes with diverse entertainment and recreational offerings.
Strong Community Draw: Placer.ai’s data further emphasizes Metropark’s appeal, ranking it as number 1 out of 32 properties within a 15-mile radius.
“We are extremely excited about the Metropark Square acquisition and our partnership with Sam Moon Group. This marks a strategic entry into the retail/entertainment asset class, and we are confident that the property’s unique offerings and popular location will contribute to our portfolio’s growing success.” – Ascent President Dr. Pranay Parikh