ROSENBERG, TX—Abode Properties said Monday it had added the Waterford at Summer Park, a recently-built apartment community in this Houston suburb, to its portfolio. Seller and price were not disclosed; Real Capital Analytics data shows recent apartment sales in the Houston metro area have averaged between $105,000 and $111,000 per unit.
“The Waterford at Summer Park is another example of our commitment to maximize the underlying values in each of our asset classes,” says Daniel J. Moos, CEO and president of Dallas-based Abode Properties. “With its great location, vast array of amenities and affordable pricing, this property is one of the most compelling places to live in Rosenberg.” Abode, a subsidiary of Transcontinental Realty Investors, closed on the property June 26.
Built in 2013, the 196-unit complex is hard by US Highway 59 and Sugar Land's Town Square, Constellation Field and each of Fort Bend County's employment centers. The nearby Grand Parkway offers quick and easy access to Katy, West Houston and the Energy Corridor.
Abode says the Waterford typifies its business model of acquiring and developing sustainable class A multifamily housing in focused secondary and tertiary markets. The company says these markets typically represent high-growth suburban areas, where an increasing population and strong economic conditions signal long-term and resilient demand.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
