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396-Unit Woodlands Complex Fetches $30M

THE WOODLANDS, TX-The Park at Research Forest, built two years ago, sells to JPMorgan Fleming Asset Management. The commingled fund buyer, with cash on the table, gets an 84%-leased development with ample upside.

By Jennifer Brenner Andrade | Updated on October 28, 2003

THE WOODLANDS, TX-The 396-unit Park at Research Forest has sold to JPMorgan Fleming Asset Management in a transaction that sources peg at close to $77,000 per unit or slightly more than $30 million.

The buyer delivered what the seller ordered: a quiet and quick marketing period. JPMorgan’s ability for an all-cash gave it the leverage to take the keys, Bill Miller with the Houston office for Holliday Fenoglio Fowler LP tells GlobeSt.com. The class A complex sits on 18 acres at 8900 Research Forest Blvd. in the Woodlands, a community located 27 miles north of Houston.

SDGA Investments Inc., a Kemah, TX-based investment group funded by an Italian national, marketed the property to an “abbreviated list” of buyers, garnering 10 offers in three weeks before going under contract to the New York City-based JPMorgan, which acquired the asset on behalf of a commingled pension trust fund, says Miller. He and Greg Pappas, also in HFF’s Houston office, negotiated the seller’s side of the deal.

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