CONROE, Texas, Feb. 18, 2020 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of West Creek Apartment Homes, a 228-unit multifamily asset in Conroe, Texas.
“With an annual population growth of 7.8 percent, Conroe was recently ranked as the fastest-growing city in the nation by the U.S. Census Bureau,” commented Will Balthrope, IPA executive director. Balthrope, Drew Kile, IPA senior managing director, Jennifer Campbell, IPA director, and William Griffin of IPA represented the seller, Partin Real Estate Management, and procured the buyer, Southstar Capital Group. “The rise in population is attributed to strong job creation in the area, with Conroe Park North Industrial Park currently undergoing a major expansion and the new ExxonMobil campus nearby in Spring, Texas,” commented Kile.
Situated 25 miles north of Houston in Conroe, West Creek Apartment Homes is just off Loop 336, one mile from Interstate 45. The location provides residents with convenient access to The Woodlands, downtown Houston, and the greater Houston metro. Recreation, entertainment and shopping are nearby at Lake Conroe, the Conroe Marketplace, the Waterpoint shopping center and Outlets at Conroe. The Woodlands has more than 21 million square feet of office, research, institutional and industrial space. The property was constructed in 2016 on 13 acres. Average unit size at the 10-building, three-story garden-style community is 880 square feet.
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About Institutional Property Advisors (IPA)
With a network of senior-level investment advisors located throughout the United States and Canada, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios. www.institutionalpropertyadvisors.com.