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Kennedy Associates Makes Largest MF Deal in TX

THE WOODLANDS, TX-The Seattle-based firm nabs Boardwalk at Town Center, the only apartment asset situated along the Waterway here.

By Jennifer Duell Popovec | Updated on October 22, 2010

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.

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