Sale of Newly Built Multi-Housing Community in Houston MSA Closes

112
The Wildwood Apartments
The Wildwood Apartments, located at 24500 Wildwood Park Road within the Veranda master-planned community, is a 300-unit, newly developed multi-housing community in Richmond, Texas.

JLL Capital Markets announced today that it has closed the sale of and arranged the financing for The Wildwood Apartments, a 300-unit, newly developed, institutional, Class A multi-housing community located in the Houston suburb of Richmond, Texas.

JLL represented the seller, Allen Harrison Company, and Price Realty Corporation acquired the asset. JLL also worked on behalf of the new owner to secure the seven-year loan through New York Life Real Estate Investors.

Built in 2022, The Wildwood features one- and two-bedroom units with wood-style flooring, open-concept floorplans, stainless steel appliances, natural stone countertops, private yard and patios and spacious closets. Community amenities include a conservatory, dog parks with observation pavilion, private attached and detached garages and carports, gated entry, secure package lockers and package room, a club house with library and kitchen, a resort-style swimming pool and a 24-hour fitness center. The Wildwood is located within the highly amenitized Veranda master-planned community, which provides residents access to a yoga lawn, playgrounds and hike and bike trails.

Situated at 24500 Wildwood Park Road, The Wildwood provides easy access to both Highway 59 and the Grand Parkway, allowing residents efficient connectivity to the rest of the Houston MSA. This includes many employment hubs, medical resources and entertainment/dining establishments throughout Katy, Sugar Land and Richmond. Richmond’s prime location is just 30 miles southwest of downtown Houston. OakBend Medical Center and UT Health, as well as Brazos Town Center North and South are located within one mile of the property.

“Price Realty is excited to add our most recent acquisition of The Wildwood, a best-in-class asset in the Richmond submarket, to our Houston portfolio. 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 Corporation.

The JLL Capital Markets Investment Sales Advisory team is led by Managing Director Dustin Selzer. Senior Managing Director John Brownlee led the JLL Capital Markets Debt Advisory team.