Southwest Houston Apartments Change Hands
Ilan Investments sold Winding Trails Apartments in Houston to One Real Estate Investment. The 438-unit community was 93 percent occupied at the time of sale.
By Razvan Cimpean
One Real Estate Investment acquired Winding Trails Apartments, a 438-unit community in Houston, from Ilan Investments.
Located at 10300 Wilcrest Drive, Winding Trails sits a mile from Sam Houston Tollway and Southwest Freeway and 17 miles from downtown Houston. The 28-building asset features one-, two- and three-bedroom units, averaging 803 square feet per apartment. According to Yardi Matrix data, rents start at $682 and go up to $1,100 as of July, when the property was 93.2 percent occupied. Community amenities include a clubhouse, two swimming pools, five laundry facilities and 750 parking spaces.
“At this time we are working on three new acquisitions totaling 900 apartments and are looking to end the third quarter with another 1,200 units. This will put us close to 8,000 apartments,” Jeronimo Hirschfeld, developer & CEO of One Real Estate Investment, said in a prepared statement.
Marcus & Millichap’s Jennifer Campbell brokered the sale. Anthony Morrison of Kapp Morrison assisted with the transaction. Last year, One Real Estate Investment also purchased Village at Uvalde, a 446-unit Houston community.
Image courtesy of Yardi Matrix