CBRE Brokers Houston-Area Community Sale
- Aug 10, 2018
CBRE has brokered the sale of Madison Park Apartments, a 576-unit community in Houston’s Westchase District. Senior Vice Presidents Clint Duncan and Matt Phillips represented the seller, Investors’ Property Services, in the transaction. Executive Vice President Michael Thompson arranged the financing. TRI Consulting Group, Next Investments and TPEG purchased the asset with the help of a $41.2 million loan from The Bancorp Bank, according to Yardi Matrix data.
Madison Park Apartments is located at 9801 Meadowglen Lane in Houston’s Westchase district, close to major thoroughfares and within 15 miles of downtown. Dining, retail and entertainment venues, such as Westchase Shopping Center and Woodlake Square, are within a six-minute drive.
Completed in 1978, the asset sits on 23.5 acres and is spread across 71 buildings. The unit mix offers 280 one-, 240 two, and 56 three-bedroom apartments, ranging from 758 to 1,428 square feet. Common-area amenities include:
- controlled access
- four swimming pools
- nine laundry facilities
- two playgrounds
- tennis and volleyball courts
- two fitness centers
- a dog park
- a large central park
- covered parking
More than 1,500 businesses are located in the area, including top energy, engineering and construction companies. “This investment continues to point to a workforce housing value-add focus as replacement costs rise. This asset is also unique in that it sits on almost 24 acres of land,” Duncan said in prepared remarks.
Thompson and TRI Consulting Group have previously worked together on the sale of Casa Verde Apartments, a 384-unit community located in North Houston.
Image courtesy of CBRE
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