Griffin Capital Buys 238-Unit Houston-Area Community
- Dec 10, 2019
Griffin Capital has bought Dominion, a 238-unit community in Houston’s northern suburbs, according to Yardi Matrix data. KeyBank originated a $22 million acquisition loan for the buyer. Fairfield Residential will provide property management services for the multifamily asset.
The seller traded the asset, acquired as part of 24-property portfolio from GE Capital Real Estate, after six years of ownership. In November, Livcor spent $43 million for Solis at Towne Center, a 240-unit Class A community near Phoenix.
Completed in 2003, the 31 two-story buildings are on a 17.3-acre site and feature one-, two-, three- and four-bedroom apartments with floorplans ranging from 711 to 1,913 square feet. Common-area amenities consist of a fenced dog park, fitness center, pool, grilling area and sauna. As of October, the asset was 95 percent occupied, per Yardi Matrix information.
Located at 15596 Interstate 45 S. in Conroe, Texas, the gated community is 3 miles from several retail options including a Walmart Supercenter and Costco Wholesale, as well as the medical campuses of Houston Methodist Hospital, CHI St. Luke’s Health Hospital and Texas Children’s Pediatrics. Additionally, The Dominion is 34 miles north of downtown Houston.