MVP REIT II Buys Houston Parking Garage

MVP REIT II Inc., a publicly registered non-traded real estate investment trust, purchased a 500-space multi-level parking garage in Houston, Texas from System Property Development Company for $20.5 million, according to a filing with the Securities and Exchange Commission.

The property is located at 1310 Congress Street and also includes a 28-space surface parking lot and 784 square feet of office space. The parking garage and surface parking lot will be operated by iPark Services LLC under long-term lease agreements.

MVP REIT II, which invests in parking structures and facilities, broke escrow in December 2015 and has raised $62 million in investor equity since inception. The company currently owns 14 properties with a total purchase price of approximately $121.7 million, according to Summit Investment Research. The offering closed in December 2016.

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