The Multifamily Group (TMG) announced it has facilitated the sale of Porterwood Apartments in Porter, Texas. Managing Director Bryce Smith represented the seller and procured the buyer.
“The new owners capitalized on a great opportunity to purchase an institutionally managed property from one of the largest apartment owners in the country. It always makes things enjoyable when you have a sophisticated buyer and seller, and everyone is pulling in the same direction.” said Smith.
With the extension of the Grand Parkway along the submarket we will continue to see the interconnection to the Houston Metro which in turn will attract companies and residents to the area. This can be seen with the recent completion of Ranch Town Center, a 240-acre mixed use development which has been completed in the past 3 years. According to Costar the Southeast Montgomery County submarket has a projected 2021 Q2 rent growth of 3.5 percent. (CoStar)
“Despite the challenges posed by COVID-19, Bryce found a creative solution and ensured the deal closed.” Said Jon Krebbs, Managing Partner, “Regardless of the current conditions and financing reserve requirements, we are still seeing significant interest in Texas multifamily.”