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| The Grayson Apartments, 4115 Louetta Road, Spring, TX |
Spring, TX (April 24, 2019)
—
Passco Companies, a
privately held California-based commercial real estate company that specializes
in acquisition, development, and property and asset management throughout the
U.S., has acquired
The Grayson, a 330-unit, Class A apartment community
in the northern Houston submarket of Spring, Texas.
The acquisition is a strong addition to the firm’s portfolio, well-aligned
with Passco’s strategy to identify top-tier multifamily assets in high-growth
markets, according to Jake Niles, Director of Acquisitions – West at
Passco Companies.
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| Jake Niles |
“Long considered the ‘Energy Capital of the World,’ the greater Houston
area has also experienced a significant influx of jobs in recent years,
achieving the highest rate of employment growth among the country’s top 12 MSAs
last year at more than twice the national average,” explains Niles.
“Major employers
including Amazon, Texas Medical Center, and Daikin Industries having recently
undergone or are currently in the midst of expansions bringing thousands of
jobs, driving further growth, and increasing the area’s appeal.”
The Grayson is located within close proximity to Interstate 45 and State
Highway 99, providing residents with convenient access to downtown Houston, as
well as throughout the greater metropolitan area and northern submarkets.
The location also positions the community within the Klein Independent
School District, a distinct advantage over otherwise comparable nearby
properties, notes Niles.
“In addition to being situated within an expanding economy, this community
comes with significant curb appeal as one of just a handful of newly
constructed multifamily properties in an affluent area with a limited
development pipeline,” continues Niles.
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| Josh Goldfarb |
“The Grayson’s best-in-class design and amenities meet and
exceed the expectations of today’s residents. The asset also presents the
opportunity for additional upside based on significant rent growth in popular
neighborhoods further north.”
Niles notes that due to Passco’s deep broker and seller relationships, the
firm was able to acquire this remarkable asset at below replacement cost in a
seamless transaction.
“The Grayson benefits from
ideal positioning within a burgeoning Houston submarket and an immediate area
with increasingly affluent demographics. It was an absolute pleasure to work
with the Passco team on the prime opportunity to add this exceptionally designed
asset, with stellar growth projections, to their portfolio.
All parties came together to
facilitate a smooth and satisfying transaction,” says Josh Goldfarb,
Vice Chair, Southeast Multifamily Advisory Group for Cushman & Wakefield.
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| John Carr |
The Grayson’s open-concept one-, two-, and three-bedroom units
include stainless steel appliances, island kitchens with recessed LED lighting,
granite kitchen countertops with undermount sinks, full-size washer/dryers,
modern cabinets and fixtures, garden tubs, glass showers, and wood-style plank
flooring.
Competitive features of the gated and secured community include a fitness
center with cardio, resistance training, and free weights, spacious dog park,
jogging trail, fully equipped resident lounge and kitchen, cyber café, a
resort-style swimming pool, outdoor courtyard kitchen with grilling stations
and a fireplace, and premium reserved parking spaces.
Goldfarb and
John Carr of Cushman & Wakefield’s
Southeast Multifamily Advisory Group represented Passco as the buyer and Bridgeview
Louetta LLC as the seller in this transaction.
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| Chris Black |
The
Grayson, constructed in 2016, is located at 4115 Louetta Road in Spring,
Texas.
Chris Black and Caleb Marten of KeyBank Real Estate Capital’s
Commercial Mortgage Group arranged acquisition financing on behalf of Passco
Companies.
About Passco Companies, LLC
Passco Companies, LLC is a nationally recognized market leader in the
acquisition, development, and management of multi-family and commercial
properties throughout the U.S.
Passco offers a full set of real estate services including asset and
property management, leasing, as well as property development and construction.
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| Caleb Marten |
Headquartered in Irvine, California, Passco currently has $2.8 billion
assets under management across the country and is actively growing its
portfolio in primary and secondary markets throughout the United States.
About Cushman &
Wakefield
Cushman & Wakefield
(NYSE: CWK) is a leading global real estate services firm that delivers
exceptional value by putting ideas into action for real estate occupiers and
owners.
Cushman & Wakefield (NYSE: CWK) is a leading global real
estate services firm that delivers exceptional value for real estate occupiers
and owners.
Cushman & Wakefield is among the largest real estate
services firms with approximately 51,000 employees in 400 offices and 70
countries. In 2018, the firm had revenue of $8.2 billion across core services
of property, facilities and project management, leasing, capital markets,
valuation and other services.
CONTACTS:
Micaela Fehrenbach / Elisabeth Manville
Brower Group
(949) 438-6262
