HOUSTON AND CONROE, TEXAS — Real estate investment company Abbey Residential LLC has purchased a five-property multifamily portfolio totaling 1,222 units in Houston and nearby Conroe, Texas. CBRE represented the Irving, Texas-based seller, a foreign limited liability company known as MLQ BK REO LLC.
Founded in 1984, the Birmingham, Ala.-based Abbey owns and operates properties in Alabama, Georgia and Texas. Major metros in North Carolina, South Carolina, Florida and Tennessee are among the company’s other target markets.
“This portfolio was a great opportunity to make a diversified investment in the Houston market,” says Ryan Epstein, senior vice president in the Houston office of CBRE. “These assets are located within rapidly growing locations in the Houston metropolitan area.”
The acquired assets include Ridge at Willowbrook, Woodedge Apartment Homes and Aston Brook Apartment Homes in Houston and Stone Ridge Apartment Homes and Cimarron Park in Conroe. Abbey plans capital improvements for each of the properties.
Ridge at Willowbrook is located at 8330 Willow Place South. The apartment complex offers a total of 12 floor plans in one- and two-bedroom configurations and also includes amenities such as a swimming pool and 24-hour emergency maintenance.
Woodedge, located at 10802 Greencreek Drive, consists of one- and two-bedroom units ranging from 682 to 985 square feet. Apartments are outfitted with ceiling fans, wood-burning fireplaces and dishwashers, and communal amenities include a swimming pool and surrounding patio area.
Aston Brook features one- and two-bedroom apartments with bay windows, 9-foot ceilings with crown molding and kitchen pantries in select units. Located at 14101 Walters Road, the community includes a swimming pool and fitness center.
Stone Ridge, which offers one- and two-bedroom apartments in eight different layouts, is located at 231 I-45 North. The property boasts amenities such as a playground, swimming pool and covered parking.
Located at 2201 Montgomery Park Blvd., Cimarron Park includes one-, two- and three-bedroom options up to 1,182 square feet. Amenities of the complex include a clubhouse and swimming pool.
Following the transaction, Abbey Residential owns approximately 9,000 multifamily units.
— John McCurdy