Hunington Properties Sells Houston-Area Community
The transaction was one of three recent multifamily acquisitions for the new owner.
Hunington Properties has sold The Vic at Jordan Ranch, a 365-unit multifamily community in Katy, Texas, according to Yardi Matrix. ORIX Capital Markets acquired the Houston-area asset in a deal estimated at $66.9 million, the same source shows. Colliers arranged the transaction on behalf of the seller.
The Vic at Jordan Ranch sits on 16.5 acres in the larger Jordan Ranch development, a 1,350-acre master-planned community developed by Johnson Development Corp. It came online in 2024. ORIX received $50.2 million in permanent financing for the project from ACRE, according to the same source.
The community includes studio, one- and two-bedroom floorplans with an average size of 827 square feet. Residents have access to in-unit laundry, walk-in closets and stainless steel appliances. RPM Living manages the property, which is approximately 90 percent occupied, Yardi Matrix shows.
The transaction was one of three recent multifamily acquisitions by ORIX totaling 1,029 units across Georgia and Texas. The other properties were The Kendrick in Atlanta and Lookout in Dripping Springs, Texas.
Shared amenities at The Vic include a dog park, a fitness center, a swimming pool, pickleball courts and coworking spaces. Residents also have access to amenities located in the larger development, including The Shed amenity center, multiple parks, trails and another planned retail development.
Located at 2011 Texas Heritage Parkway, The Vic at Jordan Ranch has access to Jordan Crossing Boulevard and Interstate 10. Jordan Ranch Market is less than a mile from the community, while major retailers such as The Home Depot and Lowe’s are also nearby.
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Colliers’ Jaleel Adatia, senior associate; Chip Nash and Bob Heard, principals & executive vice presidents; and Nolan Mainguy, vice president of Multifamily Investment Properties, represented Huntington in the transaction.
Capital flows to Houston
The transaction comes amid continued multifamily investment activity across the Houston metro. Through May, Houston multifamily transaction volume reached $1 billion, with West Houston accounting for 92 percent of the total, according to the latest Yardi Matrix report. The average sale price per unit declined 1.4 percent year-to-date to $131,022.
In July, DLP Real Estate Capital Inc. refinanced two Houston properties totaling 605 units—Elan Memorial Park and City Park Heights—both held within the DLP Housing Fund. LoanCore Capital provided the company with a $118 million floating-rate loan for the assets.
