HOUSTON, TX,
June 8, 2015 – Marcus & Millichap
(NYSE: MMI), a leading commercial real estate investment services firm with
offices throughout the United States and Canada, has arranged the sale of Broadway Square Apartments, a
2,470-unit apartment complex adjacent to the William P. Hobby Airport in in
Houston.
The property is the largest single multifamily asset in Texas. The
terms of the sale were not released.
Jeffrey Fript |
Jeffrey Fript, vice president investments in Marcus &
Millichap’s Houston office, represented the buyer, an out-of-state investment
entity. The seller is an out-of-state investment group that specializes in
multifamily real estate investments.
“This
acquisition will turn out to be covered land play as the new owner now controls
approximately 80 acres across from the airport,” says Fript.
“In the short
term, the buyer will focus on creating revenue growth through more intensive
management and interior and exterior upgrades.”
Located on
the Houston metropolitan bus line at 8751 Broadway St., Broadway Square
Apartments was constructed in phases from 1976 to 1979 on approximately 69
acres.
The unit mix features one- and two-bedroom floor plans—80 of which are
townhomes—that range in size from 504 square feet to 1,206 square feet.
Community
amenities include controlled access gates, four separate management offices,
one main leasing office, 11 swimming pools, 28 laundry rooms, outdoor pavilions
and courtyards, after-school programs, and a community playground.
Unit
amenities include private patios and balconies in select apartments, ceiling
fans, walk-in closets, mini blinds and dishwashers. Select units have
washer/dryer connections.
For a complete copy of the company’s
news release, please contact:
Gina Relva
Public
Relations Manager
(925)
953-1716
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