THE WOODLANDS, TX-A fund advised by CBRE Global Investors has acquired The Retreat at The Woodlands from its developer, Allied-Orion. The sales price was not disclosed, and the Montgomery Central Appraisal District assesses the 2012-completed multifamily property at $17.1 million.
The property is situated on 10 acres at 4400 College Park Dr., and is currently at 95% occupancy.
The Woodlands is fast becoming a major employment center, features some of the highest demographics in the Houston MSA and is experiencing significant growth as exemplified by the approximately 1.5 million square feet of office space that is under construction.
“With employment growth that has far outpaced the national average, Houston is an important market for us,” says Kimberly Hourihan, CBRE Global Investors' portfolio manager. “This acquisition is very consistent with our investment strategy, and we are committed to maintaining the asset's position as one of the premier properties within The Woodlands.”
“With controlled new development as part of The Woodlands master plan and surging demand due to relocation and expansion of corporate users to the immediate area, The Retreat, with its superior asset quality, is well-positioned to be one of the preferred options for the 'renter by choice',” adds Steve Gullo, managing director, CBRE Global Investors Multi-Housing Group.
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