HOUSTON – (Realty News Report) – Price Realty Corp. acquired The Wildwood Apartments, a 300-unit, newly developed, multi-housing community located in the Houston suburb of Richmond, according to JLL Capital Markets
JLL represented the seller, Allen Harrison Company. JLL also worked on behalf of buyer Price Realty to secure the seven-year loan through New York Life Real Estate Investors.
“Growth in the Richmond area will continue to benefit long-term from both the accessibility to multiple Houston employment hubs and the activity in the neighboring towns of Katy/Cinco Ranch and Sugarland. Price will look to continue to expand its Class A portfolio in the Houston market, thanks to our strong existing Houston portfolio and all-star team,” said Michael Ochstein, President of Price Realty Corp.
Price Realty currently owns and operates nearly 5,500 apartment units throughout the Austin, Dallas-Fort Worth and Houston areas. Price’s Houston portfolio is comprised of 5 Class A properties totaling over 1,600 units.
Built in 2022, The Wildwood features one- and two-bedroom units with wood-style flooring, stainless steel appliances, and natural stone countertops.
The JLL Capital Markets Investment Sales Advisory team that handled the sale is led by Managing Director Dustin Selzer. Senior Managing Director John Brownlee led the JLL Capital Markets Debt Advisory team.
Located in Fort Bend County at 24500 Wildwood Park Road, The Wildwood has access to both Highway 59 and the Grand Parkway. The Richmond community is 30 miles southwest of downtown Houston.
The developer of Wildwood, Allen Harrison Co., is a Houston-based, privately held real estate investment and services firm focused on the development, construction, acquisition and property management of multifamily assets.
The median rent in Houston is $1,078 for a one-bedroom unit and $1,293 for a two-bedroom unit, according to a recent report from Apartment List.
Sept. 18, 2023 Realty News Report Copyright 2023
Photo Credit: JLL
THE RALPH BIVINS PROJECT PODCAST
LISTEN: THE RALPH BIVINS PROJECT podcast with Edward Griffin of Griffin Partners
LISTEN: THE RALPH BIVINS PROJECT podcast with Michael Scheurich of Arch-Con
LISTEN: THE RALPH BIVINS PROJECT podcast with Mark Taylor of CBRE
LISTEN: THE RALPH BIVINS PROJECT podcast with Stephen Meek of StreetLights Residential.
LISTEN: THE RALPH BIVINS PROJECT podcast with Carlos Bujosa of Transwestern
LISTEN: THE RALPH BIVINS PROJECT podcast with Kris Larson of Central Houston Inc.
LISTEN: THE RALPH BIVINS PROJECT podcast with Mike Spears of Lee & Associates Houston
LISTEN: THE RALPH BIVINS PROJECT podcast with Maria Perez of Gensler
LISTEN: THE RALPH BIVINS PROJECT podcast with Bob Parsley of Colliers
Worthy of Note: Houston architect Dean Strombom has retired after 43 years at Gensler. Listen: THE RALPH BIVINS PROJECT podcast with Dean Strombom of Gensler
File: Price Buys Project and Looks for More