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September 19, 2019
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Passco Buys 384-Unit Multifamily Property in Texas

8/20/19

Passco Companies has acquired Boterra Bay Apartments, a Class A, 384-unit multifamily community in Baytown, TX. The price was not disclosed.

“While we’ve been bullish on the greater Houston area for some time due to its solid fundamentals, the Baytown submarket also uniquely benefits from a strong economic and employment base driven by the largest petrochemical hub in the world,” explains Jake Niles, Director of Acquisitions – West at Passco Companies. “Several company expansions totaling over $12.5 bil, including those of ExxonMobil and Covestro, are currently underway or were recently completed within 10 miles of the asset. This growth will bring more than 650 new jobs – and many potential residents – to the immediate area.”

The firm is rebranding the complex, located at 99 W. Cedar Bayou Lynchburg Rd, as Sapphire Bay Apartments. The three-story, garden-style project, built in 2018, offers luxury amenities including a large lounge pool with in-water tanning deck and private poolside cabanas, fully equipped fitness center with top-of-the-line Precor fitness equipment, yoga and spin studio with Fitness On-Demand technology, outdoor kitchen with gas and charcoal grilling stations, courtyard fire pits, an expansive dog park with puppy pool, a pet grooming station, a business center, a clubhouse with large kitchen for entertaining, and 24-hour resident package lockers.

The community’s one-, two-, and three-bedroom units feature smooth gray kitchen cabinetry, granite countertops in kitchens and bathrooms, Whirlpool stainless steel appliances, large side-by-side Whirlpool refrigerators with water and ice dispensers, single basin kitchen sinks with goose-neck faucets, sleek tile backsplash, gray plank style wood flooring, cut Berber carpet in bedrooms, ceiling fans with overhead lighting, and large walk-in closets.

One reason the asset was attractive to Passco is because it experienced a rapid lease-up following its construction, Niles points out. While projected apartment absorption in Baytown is nearly 1,300 units over the next five years, there are only 336 units currently under construction, so the firm expects resident demand for the property will only increase.

According to Niles, the multifamily development pipeline is likely to remain limited due to tight zoning restrictions. Apartment communities in Baytown cannot occupy more than 15 acres and must be at least a half mile from each other.

Thomas Alleman and Brandon Miller of Newmark Knight Frank represented the sellers, a joint venture between Houston-based The Boterra Group and Dallas-based Edison Capital Holdings. Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing on behalf of Passco Companies.





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