Rental Residences Ease Housing Shortage in Brazoria County

The Villages at Lake Jackson have a tropical feel to them.

LAKE JACKSON, TX—In a region short of rental housing where rapid growth is being fueled by Dow Chemical, The Villages at Lake Jackson, a class-A 174-unit garden apartment community, has been acquired by Drever Capital Management. The 96% occupied multifamily property at 504 South Texas 332, was bought from Spyglass Capital Partners of Demarest, NJ. The price was not disclosed.

“This acquisition is a classic supply-demand investment,” says Noah Drever, managing partner of Tiburon, CA-based Drever. “Houston, overbuilt with multifamily assets, is grappling with a weak oil industry. But an hour away, where Lake Jackson is booming with petrochemical manufacturing and a liquefied natural gas shipping hub, attractive rental housing is undersupplied.”