576-Unit Apartment Complex Sold in Major Urban Development
The Madison Park apartments in Westchase have been sold.
HOUSTON – (Realty News Report) – TRI Consulting Group, Next Investments and TPEG have acquired the 576-unit Madison Park Apartments in Houston’s Westchase District, CBRE reported.
The community, located at 9801 Meadowglen Lane, occupies 23.49 acres and is currently 91 percent leased. The property offers a mix of one-, two- and three-bedroom floor plans ranging from approximately 758 to 1,428 square feet.
Westchase is a major employment center with more than 1,500 businesses, including leading energy, engineering and construction firms. The neighborhood also benefits from a large local labor pool, with over half a million people residing within a five-mile radius.
“This acquisition underscores the continued investor focus on workforce housing and value-add opportunities as replacement costs climb,” said CBRE Senior Vice President Clint Duncan. “The asset is particularly noteworthy because it sits on nearly 24 acres of land.”
Duncan and CBRE Senior Vice President Matt Phillips represented the seller in the transaction. Financing for the deal was arranged by CBRE Executive Vice President Michael Thompson.
