ROSENBERG, Texas, Dec. 19, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Dolce Living Rosenberg, a 324-unit multifamily asset in Rosenberg, Texas.
“Situated just 35 miles southwest of Houston, Dolce Living Rosenberg has an ideal location within Fort Bend County, one of the fastest-growing counties in Texas,” commented Will Balthrope, IPA executive director.
Balthrope, IPA senior director Drew Kile, and IPA director Jennifer Campbell represented the seller, Dolce Living, and procured the buyer, Ilan Investments. “The property is one block from Interstate 59, a national interstate currently under expansion that provides residents with quick and convenient access to Sugar Land, downtown Houston, and the greater Houston metropolitan area,” added Kile.
Built in 2012 and 2014, Dolce Living Rosenberg is adjacent to Brazos Town Center, a 100-acre retail, multifamily and office park development; five miles from Seabourne Creek Nature Park, a 164-acre recreation site; and 10 miles from the First Colony Mall, a regional shopping center in Sugar Land. Major employers nearby include the Fort Bend Independent School District, Fluor Corp., Methodist Sugar Land Hospital, Schlumberger Technology Corp. and Oak Bend Medical Center.
“The asset’s best-in-class community amenities, large units, and a high percentage of direct access garages make it difficult to duplicate at today’s construction costs,” said Campbell.