INVESTMENTS: Jones Lang LaSalle Offers Class A West Houston Apt. Property for Sale
- Nov 23, 2010
Houston–Jones Lang LaSalle says its capital markets experts have been retained by Investment Realty Holdings LLC to market the San Paloma, a 372-unit luxury apartment community in Houston.
Leading the Jones Lang LaSalle team on this transaction are Managing Directors Greg Austin and Chip Nash. The firm’s Texas multifamily specialists have closed more than 130,000 units through brokerage, acquisitions and financings in the last 20 years.
“This is a very well positioned asset coming to market at a time where there is a wall of capital in search of prime investment opportunities and this is one of the finest,” says Austin. “There is minimal new multifamily construction in the market which raises competition for prime assets. The property is a three-story community, consisting of 13 buildings (including a clubhouse). It offers an impressive interior finish-out and amenity package which distinguishes itself from its competition. San Paloma also benefits from its adjacency to the Energy Corridor employment center and maintains stabilized occupancy levels year after year. We expect there to strong competition from investors for this asset.”
The San Paloma community was built in 2006 and originally developed by reputable developer Sueba USA. It is a Class A property located on 13.85 acres site in West Houston, and situated along Eldridge Parkway between Memorial Drive and Briar Forest Drive. It is located just minutes from Interstate 10 (I-10) and the Sam Houston Tollway or Outer Loop, is one of The Energy Corridor’s newest premier developments. The property is 93 percent occupied.