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West Houston Apartment Community Trades Hands

West Houston Apartment Community Trades Hands

Multihousing News

Houston—TA Associates has completed its disposition of Cinco Ranch, a 300-unit luxury apartment community located in West Houston’s affluent master-planned community known as Cinco Ranch. ARA represented the firm in the transaction. The submarket is one of the top performing submarkets in Houston, currently trending 9.9 percent rental rate increases (T3 annualized, ADS) and 7.6 percent occupancy increases (T3 annualized, ADS).  Houston-Residence-at-Cinco-Ranch-300x199

“This Class A asset was offered below replacement costs with a light value-add component making it an attractive deal to several types of buyers. The trends in the market for this type of deal include quick due diligence timelines, hard money up front, and in some cases; narrowing the field to buyers without financing,” says David Wylie, ARA Principal and lead broker for the deal.

Residences at Cinco Ranch was built in 2009 and was 98 percent occupied at the time of the sale.

 
 

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