Largest Single Multifamily Asset in Texas Sold by Marcus & Millichap

 

Broadway Square Apartments, 8751 Broadway Street,  Houston, TX

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