Port Expansion Ensures Demand for Multifamily

Aria at Rollingbrook is a 240-unit class-A apartment community.

BAYTOWN, TX—Baytown is the home of more than 20 petrochemical facilities including the nation’s biggest petrochemical plant, ExxonMobil Baytown, which consists of four separate facilities. Drever Capital Management recently acquired Aria at Rollingbrook, a 240-unit class-A apartment community previously known as Watercolor, at 1700 Rollingbrook Dr., a half-mile from ExxonMobil Baytown, and adjacent to Chevron Phillips 66 Chemical‘s joint-venture Cedar Bayou facility. Drever purchased the multifamily asset from The Leyendecker Group of Houston. The price was not disclosed.

“This is more than an acquisition of a year-old class-A stabilized apartment community with an excellent I-10 location and a high 90% occupancy,” explains Noah Drever, senior managing director of Drever Capital. “It is a strategic investment for our fund in one of Houston’s strongest suburban economies that’s driven by the downstream petrochemical sector.”

Drever said Baytown’s Gulf Coast location, between Galveston and the Port of Houston Ship Channel, means that Aria residents working in engineering, industrial construction or maintenance can choose from more than 120 petrochemical employers in East Harris County without getting bogged down in long commutes. And, residents can put down roots and not have to relocate when they complete a project or assignment, Drever explains.