200-Unit Luxury Apartment Complex Changes Hands
- Jan 06, 2014
A multifamily apartment complex in the Greater Houston area recently changed hands. Marcus & Millichap Real Estate Investment Services announced on Dec. 23 it had arranged the sale of The Palms at Cinco Ranch in Richmond, Texas, 15 miles southwest of Houston. The terms of the sale were not disclosed.
The Palms at Cinco Ranch was constructed in 2010 on more than 13 acres of land at 23600 Farm-to-Market 1093 Road. The 218,388-square-foot property is close to State Highway 99 and just 20 miles from the George Bush Intercontinental Airport. It features 200 one-, two- and three-bedroom units, ranging in size from 801 square feet to 1,496 square feet. Apartment amenities include gourmet kitchens with deluxe appliances, crown moldings, nine-foot ceilings, double vanities in the master bathrooms, separate showers, private patios or balconies, ceiling fans, built-in computer desks, walk-in closets and intrusion alarms. This gated, pet-friendly community also offers its residents a state-of-the-art clubhouse, a business center with a conference room, a game lounge, a 24-hour fitness center, a resort-style pool with a large sundeck and Jacuzzi, a barbecue grilling area and 34 detached garages.
Hudson Capital Investments of Charleston, S.C., acquired the property. Norman Eastwood, senior vice president of investments in Marcus & Millichap’s Dallas office, and Jerry Goldstein, first vice president of investments, and Juan Cuevas, associate, in the firm’s Houston office represented the buyer and the seller, an out-of-state private investor, in the transaction.
“The Houston metro’s apartment sector is riding tailwinds generated by one of the nation’s strongest and fastest-growing economies,” Eastwood said in a statement for the press. “Broad-based hiring across multiple industries enhances the metro’s stature as a magnet for recent graduates from local and regional colleges, further expanding the pool of prospective renters.”
“West Houston and its surrounding suburbs have become an affluent white-collar area with strong entertainment and business sectors,” Cuevas added. “The area is home to numerous restaurants, retail centers, shopping malls and businesses.”
According to a Marcus & Millichap Houston Metro Area Apartment Market Report for the fourth quarter of the year, the elevated apartment construction has not diminished investors’ appetites, and demand for multifamily properties is still high, as transactions continue to occur at an elevated pace across all investor segments, from small local players to institutions. This past year, the number of properties sold with more than 100 units increased more than 40 percent.Photo credits: The Palms at Cinco Ranch Charts courtesy of Marcus & Millichap Real Estate Investment Services