HOUSTON–Phoenix-based Jevan Capital, in association with Comunidad Realty Partners, has purchased Gessner Estates. The 659-unit apartment complex was sold by RB Associates.
The sale price was not disclosed, although CBRE's Ryan Epstein says the entire area is seeing higher sales amounts than it has in previous years.
“With the widespread strengthening of the Houston economy, property values have increased across the board,” Epstein tells GlobeSt.com. “In addition to that, this area has improved in the last few years, so it is no surprise that the rate is higher now than it would have been even a few years ago.”
The garden-style apartment community, located at 8701 Town Park Dr., is within close proximity to the ever-growing Energy Corridor, which was a major draw for the buyer as well as the other interested parties.
Amenities in the units include vinyl wood flooring, large walk-in closets, ceiling fans, fireplaces and private patios. Gessner Estates also offer residents a clubhouse, business center, gated access, picnic area and three resort-style pools.
Epstein says the new owner will complete some renovations to the property including new common area amenities, an exterior renovation and refreshing the unit interiors. The renovations are meant to turn Gessner Estates into a housing alternative for the workforce renters.
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