Prime Property Investors Selects Greystar to Lease and Manage Newly Acquired Estates at Fountain Lake in Houston, TX

Barbara J. Gaffen

CHICAGO, IL (Sept. 29, 2014) – Northbrook, Ill.-based Prime Property Investors (PPI) announced today that it has designated Greystar Real Estate Partners to oversee leasing and property management at Estates at Fountain Lake, a 13.6-acre luxury rental community in Houston that consists of 14 three-story garden-style buildings with a total of 306 units.

Greystar is the largest operator of apartments in the United States.

 Located on Fountain Lake Drive, just east of South Dairy Ashford Road, Estates at Fountain Lake is in Houston’s Fort Bend County, one of the fastest-growing counties in the nation, according to the U.S. Census Bureau.

PPI acquired the property from Dallas-based Trammell Crow Residential (TCR) earlier this year and is in the process of executing a “value-add” strategy to further enhance the property to meet the increasing demand for upgraded luxury apartments in the area.

According to Barbara J. Gaffen, co-CEO of PPI, hiring Greystar was step one in elevating the community to one of the most exclusive luxury rental properties in the area.

“Creating a high-end living environment for residents is more than upgrading units and common areas, it’s also providing an unprecedented level of service,” said Gaffen.

Estates at Fountain Lake Apartments, Houston, TX

“Given Greystar’s world-class expertise with multifamily housing in Houston, we are confident they will provide the highest level of service to everyone living at Estates at Fountain Lake.”

The property consists of 198 one-bedroom, one-bath apartments and 108 two-bedroom, two-bath units. It is currently 98 percent pre-leased and more than 96 percent physically occupied. Average rents are approximately $1,300 per month.

For more information on Estates at Fountain Lake call (281) 494-7744 or visit http://www.estatesatfountainlake.com/.

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

Kelly Shumaker

Senior Account Executive, Taylor Johnson

Direct:    312-267-4519

Phone:   312-245-0202

Fax:        312-245-9205

E-mail:   kshumaker@taylorjohnson.com