Institutional Property Advisors Closes Suburban Houston Multifamily Asset Sale
January 06, 2023
RICHMOND, Texas, Jan. 6, 2023 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Granary Flats, a newly constructed, 324-unit multifamily asset located within the Harvest Green master-planned development in Richmond, Texas.
“Located 10 miles west of Houston in Fort Bend County, Richmond is projected to remain one of the fastest-growing counties in the United States,” said Greg Austin, IPA senior managing director. The IPA sales team of Greg Austin, Jennifer Campbell, Travis Austin, Avery Klatt, and Will Balthrope represented the seller, Allied Orion Group, and procured the buyer, Aspen Oak Capital Partners. “The average median income surrounding Granary Flats is over $100,000, nearly double the average median income in the submarket,” added Jennifer Campbell. “The property’s eco-friendly, carefully curated unit interiors and high-end community amenities are a powerful draw, as evidenced by the strong leasing velocity and market-leading rents.”
Harvest Green is an award-winning, 1,300-acre mixed-use development with numerous recreational amenities, including a working 12-acre farm, a farmer’s market, greenbelts, lakes, and waterways. Granary Flats is prominently positioned in a highly visible location just off State Highway 99/Grand Parkway, surrounded by numerous newly developed retail, restaurants, industrial, high-value single-family subdivisions, and grocers, including H-E-B.
Completed in 2022 on 13 acres, the agrihood-inspired, garden-style asset’s shared amenities emphasize Allied Orion’s forward-thinking designs, such as abundant outdoor spaces that include a yoga space, dog park/spa, Biergarten, state-of-the-art gaming lounge with sports simulator, hotel-inspired pool with private cabanas, fitness center with on-demand classes, dedicated co-working spaces, and individual garages.
“IPA in Texas provides investors with a large inventory of high-quality multifamily investment opportunities in every market, offering local market research and sales expertise in Dallas-Fort Worth, Houston, Austin, and San Antonio,” said Balthrope.
“Located 10 miles west of Houston in Fort Bend County, Richmond is projected to remain one of the fastest-growing counties in the United States,” said Greg Austin, IPA senior managing director. The IPA sales team of Greg Austin, Jennifer Campbell, Travis Austin, Avery Klatt, and Will Balthrope represented the seller, Allied Orion Group, and procured the buyer, Aspen Oak Capital Partners. “The average median income surrounding Granary Flats is over $100,000, nearly double the average median income in the submarket,” added Jennifer Campbell. “The property’s eco-friendly, carefully curated unit interiors and high-end community amenities are a powerful draw, as evidenced by the strong leasing velocity and market-leading rents.”
Harvest Green is an award-winning, 1,300-acre mixed-use development with numerous recreational amenities, including a working 12-acre farm, a farmer’s market, greenbelts, lakes, and waterways. Granary Flats is prominently positioned in a highly visible location just off State Highway 99/Grand Parkway, surrounded by numerous newly developed retail, restaurants, industrial, high-value single-family subdivisions, and grocers, including H-E-B.
Completed in 2022 on 13 acres, the agrihood-inspired, garden-style asset’s shared amenities emphasize Allied Orion’s forward-thinking designs, such as abundant outdoor spaces that include a yoga space, dog park/spa, Biergarten, state-of-the-art gaming lounge with sports simulator, hotel-inspired pool with private cabanas, fitness center with on-demand classes, dedicated co-working spaces, and individual garages.
“IPA in Texas provides investors with a large inventory of high-quality multifamily investment opportunities in every market, offering local market research and sales expertise in Dallas-Fort Worth, Houston, Austin, and San Antonio,” said Balthrope.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.