WALLER, Texas, Jan. 11, 2019 – Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced today the sale of The Ranch at Waller, a 224-unit, new-construction community in Waller, Texas.
“The Ranch at Waller is a top-of-the-market asset in an area with few other apartment communities,” said Will Balthrope, IPA executive director.
Balthrope, IPA senior director Drew Kile, IPA director Jennifer Campbell and Michelle Kneeland of IPA represented the seller, T.R. Inscore and procured the buyer, Oxford Enterprises Inc.
“The property is in a high-growth Houston-area submarket,” added Kile. “Waller County’s population grew 18.6 percent from 2010 to 2017 and the Houston MSA experienced 16.4 percent growth in the same time period.”
The Ranch at Waller is 30 miles from Houston and two miles from the Goodman Manufacturing plant and Daikin Texas Technology Park, which employ more than 6,000 people. Prairie View A&M University is less than 10 minutes away. “With tremendous job growth in the area, the property leased up quickly without concessions and achieved full occupancy,” said Campbell.