BC Realty Partners of Dallas and local firm The Betz Cos. have sold the Grand Mason at Waterside Estates in Richmond, TX. Terms of the deal were not disclosed.
A real estate investor, operator and developer out of Fort Worth, TX acquired the Class A community, which consists 229 one- to three-bedroom floorplans spread out across five three-story, garden-style buildings.
Grand Mason at Waterside Estates delivered in 2015 on an 8.9-acre site just south of Grand Pky. at 9900 S. Mason Rd. Currently 94% occupied, the complex offers tenants on-site access to a fitness center, business center, pet park, media room, and resort-style swimming pool with outdoor grills.
Ryan Epstein, Jennifer Ray and Scott Bray of Berkadia Real Estate Advisors in Houston represented the sellers in negotiations.
“Houston’s suburban areas will continue to attract investors with strong components, such as prominent amenities, recently built apartments, and absorption rates that outpace new units coming online,” said Epstein. “Over the last 12 months, the Katy/Cinco Ranch/Waterside submarket has seen almost 2,000 units become occupied, noticeably exceeding the 1,000 units added.”
