{"id":1004089261,"date":"2014-01-05T21:19:26","date_gmt":"2014-01-06T05:19:26","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=228384"},"modified":"2020-04-01T02:44:29","modified_gmt":"2020-04-01T10:44:29","slug":"200-unit-luxury-apartment-complex-changes-hands","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/200-unit-luxury-apartment-complex-changes-hands\/","title":{"rendered":"200-Unit Luxury Apartment Complex Changes Hands"},"content":{"rendered":"<p style=\"text-align: justify;\"><em>By Adrian Maties, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify;\">A multifamily <a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/12\/3_173248_1039931.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-medium wp-image-228385\" title=\"3_173248_1039931\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/12\/3_173248_1039931.jpg\" alt=\"\" width=\"300\" height=\"199\" \/><\/a>apartment complex in the Greater Houston area recently changed hands. Marcus &amp; Millichap Real Estate Investment Services announced on Dec. 23 it had arranged the sale of The Palms at Cinco Ranch in Richmond, Texas, 15 miles southwest of Houston. The terms of the sale were not disclosed.<\/p>\n<p style=\"text-align: justify;\">The Palms at Cinco Ranch was constructed in 2010 on more than 13 acres of land at 23600 Farm-to-Market 1093 Road. The 218,388-square-foot property is close to State Highway 99 and just 20 miles from the George Bush Intercontinental Airport. It features 200 one-, two- and three-bedroom units, ranging in size from 801 square feet to 1,496 square feet. Apartment amenities include gourmet kitchens with deluxe appliances, crown moldings, nine-foot ceilings, double vanities in the master bathrooms, separate showers, private patios or balconies, ceiling fans, built-in computer desks, walk-in closets and intrusion alarms. This gated, pet-friendly community also offers its residents a state-of-the-art clubhouse, a business center with a conference room, a game lounge, a 24-hour fitness center, a resort-style pool with a large sundeck and Jacuzzi, a barbecue grilling area and 34 detached garages.<\/p>\n<p style=\"text-align: justify;\">Hudson Capital Investments of Charleston, S.C., acquired the property. Norman Eastwood, senior vice president of investments in Marcus &amp; Millichap\u2019s Dallas office, and Jerry Goldstein, first vice president of investments, and Juan Cuevas, associate, in the firm\u2019s Houston office represented the buyer and the seller, an out-of-state private investor, in the transaction.<\/p>\n<p style=\"text-align: justify;\">\u201cThe Houston metro\u2019s apartment sector is riding tailwinds generated by one of the nation\u2019s strongest and fastest-growing economies,\u201d Eastwood said in a statement for the press. \u201cBroad-based hiring across multiple industries enhances the metro\u2019s stature as a magnet for recent graduates from local and regional colleges, further expanding the pool of prospective renters.\u201d<a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/12\/houstonapt.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-228386\" title=\"houstonapt\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/12\/houstonapt.jpg\" alt=\"\" width=\"300\" height=\"293\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">\u201cWest Houston and its surrounding suburbs have become an affluent white-collar area with strong entertainment and business sectors,\u201d Cuevas added. \u201cThe area is home to numerous restaurants, retail centers, shopping malls and businesses.\u201d<\/p>\n<p style=\"text-align: justify;\">According to a Marcus &amp; Millichap Houston Metro Area Apartment Market Report for the fourth quarter of the year, the elevated apartment construction has not diminished investors\u2019 appetites, and demand for multifamily properties is still high, as transactions continue to occur at an elevated pace across all investor segments, from small local players to institutions. This past year, the number of properties sold with more than 100 units increased more than 40 percent.<\/p>\n<address style=\"text-align: justify;\"><em>Photo credits: <\/em><a href=\"https:\/\/www.palmsatcincoranch.com\/\" target=\"_blank\" rel=\"nofollow\"><em>The Palms at Cinco Ranch<\/em><\/a><em><\/em><\/address>\n<address style=\"text-align: justify;\"><em>Charts courtesy of <\/em><a href=\"https:\/\/www.marcusmillichap.com\/\" target=\"_blank\" rel=\"nofollow\"><em>Marcus &amp; Millichap Real Estate Investment Services<\/em><\/a><\/address>\n","protected":false},"excerpt":{"rendered":"<p>A multifamily apartment complex in the Greater Houston area has recently changed hands. Marcus &amp; Millichap Real Estate Investment Services announced on December 23 it has arranged the sale of The Palms at Cinco Ranch in Richmond, Texas, 15 miles southwest of Houston. The terms of the sale were not disclosed.<\/p>\n","protected":false},"author":925,"featured_media":1004506162,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1589,21742],"tags":[39438,1815],"class_list":["post-1004089261","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-houston","category-latest","tag-houston","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>200-Unit Luxury Apartment Complex Changes Hands - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/200-unit-luxury-apartment-complex-changes-hands\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"200-Unit Luxury Apartment Complex Changes Hands\" \/>\n<meta property=\"og:description\" content=\"A multifamily apartment complex in the Greater Houston area has recently changed hands. Marcus &amp; Millichap Real Estate Investment Services announced on December 23 it has arranged the sale of The Palms at Cinco Ranch in Richmond, Texas, 15 miles southwest of Houston. 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