Thompson Thrift, a full-service nationally recognized real estate company, announced the sale of Watermark at Grand Central Park, a 288-unit Class A multifamily community in the Houston suburb of Conroe. San Diego-based CEG Multifamily purchased the community for an undisclosed amount.
“The successful sale of Watermark at Grand Central Park speaks to our team’s ability to identify high- growth markets and deliver well-built, Class A multifamily properties,” said Josh Purvis, managing partner for Thompson Thrift Residential. “We are pleased with the outcome of the transaction and take great pride in our proven ability to create meaningful value for our residents and investors.”
Located a few miles from The Woodlands in the Grand Central Park master-planned community, Watermark at Grand Central Park offers three-story, garden-style buildings with a variety of one-, two-, and three-bedroom floorplans. Built in 2021, the 90% occupied community features luxury amenities including quartz countertops, stainless steel appliances, wood-inspired vinyl flooring, full-size washers and dryers, and patios or balconies. Residents enjoy resort-style amenities including a swimming pool with an expansive sundeck, poolside cabanas and an outdoor kitchen, spa, 24-hour fitness center, screened-in porch with a fireplace, clubhouse, TV lounge, Starbucks coffee bar, bark park, recreation room and a walking trail.
The property’s location within the master-planned Grand Central Park community provides residents with access to six lakes and miles of trails within 1,000-plus acres of natural, wooded environment. It’s location along I-45, Highway 105 and Loop 336 connects residents to major employers such as Conroe Medical Plaza, Huntsman LLC and St. Luke’s Hospital, as well as a variety of restaurants, shopping and entertainment options.
The city of Conroe is 45 minutes north of Houston and is one of the fastest growing cities in the country. Since 2000 Conroe’s population has more than doubled and effective rents in the Conroe/North Montgomery submarket have increased by 15.5 percent over the past year, demonstrating strong demand for rental housing in the area.
Thompson Thrift has made a name for itself by being one of the few developers to build Class A residential communities in markets across the country with a range of conventional, luxury leased villa and townhome-style communities. Throughout its history, the company has invested more than $3.8 billion and has become known as a trusted partner committed to developing high-quality, attractive communities.
Jennifer Ray with Walker & Dunlop brokered the sale for Thompson Thrift.