HOUSTON--Marcus & Millichap has arranged the sale of the largest single multifamily asset in Texas, Broadway Square Apartments. The 2,470-unit apartment complex is adjacent to Hobby Airport; terms of the sale were not released.
Jeffrey Fript, vice president investments in Marcus & Millichap's Houston office, represented the buyer, an out-of-state investment entity. The seller is an out-of-state investment group that specializes in multifamily real estate investments.
“The buyer is now going to control 80 acres across from the Hobby Airport, which is undergoing a major expansion, opening a new international terminal the city,” Fript told GlobeSt.com. “In the short-term, the buyer is going to improve operations and possibly look to rebrand their name.”
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