Tomball, Cypress: 520-unit Avenues sell for $76M

TOMBALL, CYPRESS – The acquisition of the 280-unit Avenues at Northpointe and the 240-unit Avenues at Cypress has been finalized for approximately $76 million, or roughly $140,000 per unit.

Atlanta-based multifamily owner and operator Preferred Apartment Communities purchased the properties.

Developed by Stockbridge, GA-based Davis Development, Avenues at Northpointe is located at 11740 Northpointe Blvd. in Tomball. The 28-building community is situated on 9.4 acres and consists of one-, two- and three-bedroom apartments.

Houston-based Friendswood Development Co. developed Avenues at Cypress on a 17.81-acre site at 21500 Cypresswood Dr. in Cypress. The nine-building community also features one-, two- and three-bedroom apartments.

The two newly constructed communities are each three stories and delivered approximately 12 miles from one another.