IPA Arranges 296-Unit Multifamily Community Sale
Jul 06, 2016

HOUSTON, July 6, 2016 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of the Retreat at Cypress Station, a 296-unit multifamily community in Houston.

“The property is an outstanding value-add opportunity located within a high-visibility area of northwest Houston,” says Will Balthrope, IPA executive director. “Previous ownership made significant common area improvements and began interior upgrades.”

Balthrope, along with Drew Kile, IPA director, Jennifer Campbell, IPA associate director, and Jeffrey Fript, vice president investments in Marcus & Millichap’s Houston office, represented the seller and procured the buyer.

“The new owner is in position to complete the newly implemented unit enhancement program, which is achieving significant premiums, and complete the transition to more modern interiors,” adds Campbell. “The upgrades and the property’s strategic location near major transportation arteries position it well for long-term stability and value appreciation.”

The community is located at 18200 Westfield Place Drive near Interstate 45 and FM 1960. Cypress Station, a Kroger-anchored shopping center, is one half-mile away and George Bush Intercontinental Airport is within five miles. Nearby employers include ExxonMobil, Krones Inc., the American Bureau of Shipping and Vallen Safety Supply Co.

Built in 2004, apartments at Retreat at Cypress Station feature high ceilings, large closets, washers, dryers and dishwashers. The upgraded units have vinyl plank flooring, new stainless steel appliances, and new lighting and hardware fixtures. Community amenities include an updated resort-style swimming pool and a newly renovated clubhouse.