Allied Orion Group Sells 324-Unit Houston Asset
Granary Flats lies within a 1,300-acre development.
Allied Orion Group has sold a recently completed, 324-unit multifamily asset situated within a 1,300-acre master-planned development in Richmond, Texas, near Houston. Institutional Property Advisors worked on behalf of the seller and procured the buyer, Aspen Oak Capital Partners.
Located at 4647 Harvest Corner Drive, Granary Flats is an eight-building, garden-style asset encompassing one-, two- and three-bedroom units, between 578 and 1,524 square feet, equipped with washers and dryers, Yardi Matrix data shows. Common-area amenities include a fitness center, a business center, a swimming pool, a clubhouse, outdoor spaces, a gaming lounge, a dog park and 473 parking spots, according to the same data provider.
Situated on a 13-acre site, the multifamily asset is across State Highway 99, within the 1,300-acre, master-planned Harvest Green development, also close to multiple retail options. The property is some 30 miles southwest of central Houston.
The Institutional Property Advisors team including Senior Managing Director of Investments Greg Austin, First Vice President of Investments Jennifer Campbell, Senior Associate Travis Austin, Associate Avery Klatt and Executive Managing Director of Investments Will Balthrope negotiated on behalf of the seller. Earlier in 2022, Allied Orion Group sold another asset in the area: Stneweg US purchased Ashford Apartments, a 312-unit, Class A multifamily community in Houston.