(HOUSTON)— The largest multifamily property in Texas will change hands with the completion of the sale of the 2,470-unit Broadway Square apartments in southeast Houston.
The deal puts control of the 80-acre complex adjacent to Hobby Airport (HOU) with an out-of state investment entity, according to Globe St.
The details of the deal have not bee disclosed. The buyer is expected to improve the management of the property, and may potentially rebrand the apartment.
According to [Jeffrey Fript, vice president investments in Marcus & Millichap’s Houston office], the new buyer “will focus on creating revenue growth through more intensive management and interior and exterior upgrades.”
The complex 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.
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