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6/10/15
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Broadway Square Apartments, a 2,470-unit apartment complex adjacent to the William P. Hobby Airport in Houston, was just purchased by an out-of-state investment entity. We’re told that the property is the largest single multifamily asset in Texas. The terms of the sale were not released.
Located on the Houston metropolitan bus line at 8751 Broadway St, Broadway Square Apartments was constructed in phases from 1976 to 1979 on approximately 69 acres. The unit mix features one- and two-bedroom floor plans—80 of which are townhomes—that range in size from 504 sf to 1.2k sf.
Community amenities include controlled access gates, four separate management offices, one main leasing office, 11 swimming pools, 28 laundry rooms, outdoor pavilions and courtyards, after-school programs, and a community playground. Unit amenities include private patios and balconies in select apartments, ceiling fans, walk-in closets, mini blinds and dishwashers. Select units have washer/dryer connections.
Jeffrey Fript, vice president investments in Marcus & Millichap’s Houston office, represented the buyer in the deal. The seller is an out-of-state investment group that specializes in multifamily real estate investments.
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