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1/02/14
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Hudson Capital Investments, out of Charleston, SC, has purchased The Palms at Cinco Ranch, a 200-unit, 218.4k sf multifamily apartment complex in Richmond, TX, approximately 15 miles southwest of Houston. The terms of the sale were not released.
Constructed in 2010 on 13-plus acres, The Palms at Cinco Ranch features a wide selection of one-, two- and three-bedroom floor plans ranging from 801 sf to 1.5k sf. The units have gourmet kitchens with deluxe appliances, including self-cleaning ovens, frost-free refrigerators with icemakers, built-in microwaves, multi-cycle dishwashers, garbage disposals and spacious pantries. Other apartment amenities include crown moldings, nine-foot ceilings, double vanities in the master bathrooms, separate showers, private patios or balconies, ceiling fans, built-in computer desks, walk-in closets and intrusion alarms.
The Palms at Cinco Ranch is a gated, pet-friendly community that features shared amenities such as a state-of-the-art clubhouse, a business center with a conference room, a game lounge, a 24-hour fitness center, a resort-style pool with a large sundeck and Jacuzzi, a barbecue grilling area and 34 detached garages.
Norman Eastwood, Jerry Goldstein and Juan Cuevas with Marcus & Millichap represented the seller, an out-of-state private investor, and the buyer.
“The Houston metro’s apartment sector is riding tailwinds generated by one of the nation’s strongest and fastest-growing economies,” says Eastwood. “Broad-based hiring across multiple industries enhances the metro’s stature as a magnet for recent graduates from local and regional colleges, further expanding the pool of prospective renters.”
“West Houston and its surrounding suburbs have become an affluent white-collar area with strong entertainment and business sectors,” adds Cuevas. “The area is home to numerous restaurants, retail centers, shopping malls and businesses.”
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