Wednesday, December 25, 2013

200-Unit Luxury Multifamily Trades Hands in Far West Houston, TX


 The Palms at Cinco Ranch apartments, near State Highway 99
at
 
23600 Farm-to-Market 1093 Road  Richmond, Texas,
within the Katy, TX independent school district.


Norman Eastwood



RICHMOND, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of The Palms at Cinco Ranch, a 200-unit, 218,388-square-foot multifamily apartment complex in Richmond, Texas, approximately 15 miles southwest of Houston. The terms of the sale were not released.

            Norman Eastwood, senior vice president investments in Marcus & Millichap’s Dallas office,  Jerry Goldstein, first vice president investments and Juan Cuevas, associate, both in the firm’s Houston office, represented the seller, an out-of-state private investor, and the buyer, Hudson Capital Investments based in Charleston, S.C.

            “The Houston metro’s apartment sector is riding tailwinds generated by one of the nation’s strongest and fastest-growing economies,” says Eastwood.

Jerry Goldstein

 “Broad-based hiring across multiple industries enhances the metro’s stature as a magnet for recent graduates from local and regional colleges, further expanding the pool of prospective renters.”

“West Houston and its surrounding suburbs have become an affluent white-collar area with strong entertainment and business sectors,” adds Cuevas. “The area is home to numerous restaurants, retail centers, shopping malls and businesses.”

            The property is located near State Highway 99 at 23600 Farm-to-Market 1093 Road in Richmond, Texas, within the Katy, Texas, independent school district. George Bush Intercontinental Airport is 20 miles northeast of the complex.

            Constructed in 2010 on 13-plus acres, The Palms at Cinco Ranch features a wide selection of one-, two- and three-bedroom floor plans ranging from 801 square feet to 1,496 square feet. The units have gourmet kitchens with deluxe appliances, including self-cleaning ovens, frost-free refrigerators with icemakers, built-in microwaves, multi-cycle dishwashers, garbage disposals and spacious pantries.

Juan Cuevas
Other apartment amenities include crown moldings, nine-foot ceilings, double vanities in the master bathrooms, separate showers, private patios or balconies, ceiling fans, built-in computer desks, walk-in closets and intrusion alarms.

            The Palms at Cinco Ranch is a gated, pet-friendly community that features shared amenities such as a state-of-the-art clubhouse, a business center with a conference room, a game lounge, a 24-hour fitness center, a resort-style pool with a large sundeck and Jacuzzi, a barbecue grilling area and 34 detached garages.

 For a complete copy of the company’s news release, please contact:

Gina Relva
 Public Relations Manager
(925) 953-1716

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