Tomball, Cypress: 520-unit Avenues sell for $76M | Tomball, Cypress: 520-unit Avenues sell for $76M | https://www.recenter.tamu.edu/news/newstalk-texas/?Item=1675 | 2015-02-20T11:53:00Z | 2015-02-20T09:00:00Z |
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.
| CoStar Group
| Houston-The Woodlands-Sugar Land
| Multifamily
| http://www.costar.com/News/Article/Preferred-Apartment-Communities-Finalizes-520-Unit-Multifamily-Acquisition-in-Houston/168948 | | | | Read more at {Source} |