CEG Multifamily has purchased Watermark at Grand Central Park, a community located in the Houston suburb of Conroe. The asset is a 288-unit, garden-style property. Thompson Thrift was the seller, and the sales price was undisclosed.
“Our defined process and integrated team structure allow us to develop, stabilize and sell communities for attractive returns,” Josh Purvis, managing partner of Thompson Thrift Residential, told Multi-Housing News. “The leasing and investor interest in Watermark at Grand Central Park further affirms Thompson Thrift’s ability to deliver sought-after communities based on style, convenience and luxury.”
Watermark at Grand Central Park was completed in 2021 and is currently 90 percent occupied. The community is made up of one-, two- and three-bedroom apartments in garden-style three-story buildings. According to Yardi Matrix data, units range from 678 to 1,362 square feet.
Located along Interstate 45, Loop 336 and Highway 105, the property is 45 minutes north of Houston. Watermark at Grand Central is in proximity to major employers including Conroe Medical Plaza, Huntsman LLC and St. Luke’s Hospital. The surrounding area provides access to six lakes as well as trails over 1,000 acres of woods.
Walker & Dunlop’s Jennifer Ray brokered the sale of Watermark at Grand Central Park on behalf of Thompson Thrift. In March, Thompson Thrift sold another Houston community in the Spring suburb. The asset, Magnolia, sold for $64 million.
Increasing Conroe demand
Conroe’s population has more than doubled since 2000, increasing rental rates by some 15.5 percent in the last year. The area was home to more than 88,000 people in 2020, according to Data USA.
The city’s housing market is experiencing a massive growth in demand, as is Houston in general. Rents in Houston, on a three-month basis through May, rose 0.7 percent while the occupancy rate in stabilized properties rose 130 basis points, to 94.1 percent, in the year ending in April.