HOUSTON – The Retreat at Cypress Station, a 296-unit multifamily community in northwest Houston, has been purchased by GPI Cypress Station LP. The apartment community, 18200 Westfield Place Drive near Interstate 45 and FM 1960, was built in 2004.
“The property is an outstanding value-add opportunity located within a high-visibility area of northwest Houston,” says Will Balthrope, of Institutional Property Advisors, a division of Marcus & Millichap.
Balthrope, along with IPA’s Drew Kile and Jennifer Campbell and Jeffrey Fript of Marcus & Millichap, represented the seller, Retreat at Cypress Station Owner LP, and procured the buyer.
“The new owner is in position to complete the newly implemented unit enhancement program, which is achieving significant premiums, and complete the transition to more modern interiors,” adds Campbell. “The upgrades and the property’s strategic location near major transportation arteries position it well for long-term stability and value appreciation.”
July 9, 2016