Newly-Constructed Houston-Area Community Changes Hands
- Jan 14, 2019
Oxford Enterprises Inc. has purchased The Ranch at Waller, a 224-unit community in Waller, Texas. The previous owner, T.R. Inscore, completed the Class A, luxury apartment complex in 2017. The property is to be renamed Oxford at The Ranch.
Located at 31200 Farm to Market Road 2920, Oxford at The Ranch is 40 miles northwest of Houston. The asset is within 5 miles of the Goodman Manufacturing plant and Daikin Texas Technology Park, and Prairie View A&M University is within a 10-minute drive. The property is within walking distance of several dining facilities.
The one- to three-bedroom units of the community range from 539 to 1.402 square feet. The units are equipped with walk-in closets, washer/dryers, and have high ceilings and private patios or balconies. Common-area amenities include controlled access, a resort-style swimming pool, an outdoor cooking area and a fitness center.
Executive Director Will Balthrope, Senior Director Drew Kile and directors Jennifer Campbell and Michelle Kneeland of Institutional Property Advisors, a division of Marcus & Millichap, worked on behalf of both the seller and the buyer. “With tremendous job growth in the area, the property leased up quickly without concessions and achieved full occupancy,” Campbell said, in a prepared statement. In 2018, the IPA team brokered the $317 million sale of a Texas portfolio encompassing 3,699 units.
Image courtesy of Institutional Property Advisors