Passco Grows Houston-Area Portfolio
- Apr 25, 2019
Passco Cos. has acquired The Grayson, a 330-unit community in Spring, Texas. This is the first time the asset changed hands since Bridgeview Real Estate developed it in 2016, according to Yardi Matrix information. The buyer financed the acquisition through a loan arranged by KeyBank Real Estate Capital.
Located at 4115 Louetta Road, the property consists of one- to three-bedroom apartments in 11 three-story buildings spread across a 14.8-acre site. Common-area amenities at the gated community include a fitness center, clubhouse, jogging trail and pool. The Grayson was 95.2 percent occupied in March, per Yardi Matrix data. Situated in a dense residential area, the asset is less than 3 miles from Interstate 45 and 26 miles North of downtown Houston.
“Long considered the ‘Energy Capital of the World,’ the greater Houston area has also experienced a significant influx of jobs in recent years, achieving the highest rate of employment growth among the country’s top 12 MSAs last year at more than twice the national average,” said Jake Niles, director of acquisitions at Passco Cos., in a prepared statement.
The Cushman & Wakefield team of Josh Goldfarb and John Carr of the company’s Southeast Multifamily Advisory Group represented both parties in the transaction. Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group facilitated the acquisition financing on behalf of the new owner.