THE WOODLANDS, TX-Kennedy Associates Real Estate Counsel LP has acquired Boardwalk at Town Center, the only apartment development situated along The Woodlands Waterway. The Seattle-based firm, which serves as investment advisor to MEPT, bought the 450-unit luxury property from a partnership comprised of USAA Real Estate Co. and Cambridge Development Group.
The purchase price was not disclosed, but industry sources say the two-year-old property traded for roughly $70 million, or $155,500 per unit. Based on that price, local professionals say the sale is the largest multi-family deal to close in Texas so far this year.
The Boardwalk at Town Center is Kennedy Associates’ first multifamily acquisition in Texas and its first multifamily property in the Houston metro area. Several years ago, it partnered with Lincoln Property Co. to develop an apartment property in Fort Worth.
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