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May 25, 2020
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Passco Companies Acquires 330-Unit TX Multifamily Asset


Passco Companies has acquired The Grayson, a 330-unit, Class A apartment community in the northern Houston submarket of Spring, TX. The price was not given out.

Constructed in 2016, The Grayson is located at 4115 Louetta Rd. It is situated within close proximity to Interstate 45 and State Highway 99, providing residents with convenient access to downtown Houston, as well as throughout the greater metropolitan area and northern submarkets.

The Grayson’s open-concept one-, two-, and three-bedroom units include stainless steel appliances, island kitchens with recessed LED lighting, granite kitchen countertops with undermount sinks, full-size washer/dryers, modern cabinets and fixtures, garden tubs, glass showers, and wood-style plank flooring. Competitive features of the gated and secured community include a fitness center with cardio, resistance training, and free weights, spacious dog park, jogging trail, fully equipped resident lounge and kitchen, cyber café, a resort-style swimming pool, outdoor courtyard kitchen with grilling stations and a fireplace, and premium reserved parking spaces.

The acquisition is a strong addition to the firm’s portfolio, well-aligned with Passco’s strategy to identify top-tier multifamily assets in high-growth markets, according to Jake Niles, Director of Acquisitions – West at Passco Companies.

“Long considered the ‘Energy Capital of the World,’ the greater Houston area has also experienced a significant influx of jobs in recent years, achieving the highest rate of employment growth among the country’s top 12 MSAs last year at more than twice the national average,” explains Niles. “Major employers including Amazon, Texas Medical Center, and Daikin Industries having recently undergone or are currently in the midst of expansions bringing thousands of jobs, driving further growth, and increasing the area’s appeal.”

Josh Goldfarb and John Carr of Cushman & Wakefield represented the buyer and the seller, Bridgeview Louetta LLC, in the transaction. Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing on behalf of Passco.

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