Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Trails at Lake Houston, a 304-unit multifamily asset in Lake Houston, Texas.
“The Lake Houston neighborhood is one of Houston’s fastest-growing zip codes and the city’s five-year projected population growth rate is 2.4 times more than the national average, “said Will Balthrope, IPA executive director. Balthrope, Drew Kile, IPA senior director, Jennifer Campbell, IPA director, and William Griffin, IPA associate, represented the seller, The ValCap Group, and procured the buyer, Raamco International. “Houston was ranked ninth in the nation for employment growth last year and is projected to add 208,600 more jobs by 2023,” commented Kile.
Constructed in 2017 on almost 13 acres, Trails at Lake Houston is 20 minutes northeast of downtown Houston, and adjacent to Generation Park, a 4,000-acre, master-planned development. Major employers within Generation Park include FMC Technologies, San Jacinto College, Lone Star College, Stolt-Neilsen, Global Tubing, Apache Industrial Services, GHX Industrial, and McCord Development. The 173-acre TechnipFMC campus is located directly across from the community on Beltway 8.
“Trails at Lake Houston benefits from great visibility from Beltway 8, which also gives residents easy access major employment and retail centers throughout greater Houston,” added Campbell.