Asset Plus Companies and Institutional Investor Group Joint Venture Acquires Harbor View Apartments in Kingwood

HOUSTON, June 16 /PRNewswire/ -- A joint venture between Houston-based Asset Plus Companies and institutional investors advised by J.P. Morgan Asset Management has acquired the 250-unit Harbor View Apartments located in Kingwood, a master-planned community approximately 20 miles northeast of the Houston CBD.

The recently completed Class A property was purchased out of foreclosure from Capital One, N.A.

The four-story apartment community features air-conditioned corridors, elevators and a direct access parking garage. A variety of floor plans are available, including 1-, 2- and 3-bedroom units. Asset Plus Companies will begin preparing the property to resume leasing activity and will officially open a leasing office mid-June.

Kingwood, established in 1970, has over 70,000 residents and is filled with amenities and conveniences, including 75 miles of greenbelt trails, 500 acres of parks and nature reserves, two community sports parks, a large variety of restaurants and shopping and much more. Major road improvements along U.S. Highway 59 have made Kingwood one of the most accessible communities in the greater Houston area.

About Asset Plus Companies

Founded in 1986, Asset Plus Companies is a third-party property management firm specializing in real estate services for investors, developers, and owners.  The company manages a portfolio of more than 180 multi-family properties and recently ranked #38 on the NMHC list of the nation's 50 largest apartment management companies.

About J.P. Morgan Asset Management – Global Real Assets

J.P. Morgan Asset Management – Global Real Assets has approximately $43.2 billion in real estate and infrastructure assets, as of March 31, 2009.  With a 40-year history of successful investing and a staff of 361 professionals, J.P. Morgan Asset Management – Global Real Assets identifies, analyzes, negotiates, acquires, develops, redevelops, renovates, operates, maintains, finances and sells assets, on behalf of its clients. J.P. Morgan Asset Management's broad investment capabilities and framework for analyzing opportunities in today's complex real estate and infrastructure markets provide critical insights for its institutional clients in both the public and private markets.

SOURCE Asset Plus Companies