“Boardwalk is a very unique asset – it’s a true live, work, play property where you do not need to own a car – and that is a rare commodity in Texas,” Balthrope says. “It features many of the qualities that you can only find in coastal, high barrier-to-entry markets.”

Esptein tells GlobeSt.com the Boardwalk at Town Center is a hybrid property: it mixes the suburban location of The Woodlands – one of the largest master-planned communities in the nation – with an infill location along the Waterway in the Town Center.

“It is a truly irreplaceable location,” Balthrope notes, adding that residents who live in Boardwalk at Town Center have the ability to walk to work, bike to the grocery store, take a water taxi to the Woodland Mall, kayak along the waterway to the nearby lake and hear the Houston Symphony from their balconies. The property is surrounded by numerous restaurants and retail shops.

“When we took the property to market in July, we had terrific interest from across the country,” Balthrope tells GlobeSt.com. “We had 90 people look at the offering memorandum, 25 tours and 17 offers.”

After being selected as the buyer, Kennedy Associates closed the transaction in 25 days. The firm paid all-cash for the property, which has received numerous accolades for quality and design including the 2008 Multifamily Executive Award for low rise property.