97-home BTR community changes hands in Katy, Texas
JLL Capital Markets led the sales efforts on behalf of the seller, Banyan Residential
HOUSTON, Jun 3, 2024 – JLL Capital Markets announced today that it has completed the sale of Banyan Kingsland Heights, a 97-home, build-to-rent (BTR) community in Katy, Texas.
JLL represented the seller, Banyan Residential, in the sale.
Completed in 2021, Banyan Kingsland Heights is a rental community consisting entirely of single family three- or four-bedroom homes. The homes average 1,876 square feet each and offer two-car garages, six-foot privacy fencing, stainless steel appliances, granite countertops, walk-in closets and vaulted or nine-foot plus ceilings.
The property is located on 27 acres at 4104 Scarlet Oak Ln. in Brookshire, Texas, just south of Interstate 10 and close to State Highway 99. Brookshire is located about 37 miles west of Downtown Houston and is part of the Katy Independent School District, the top-rated school district in West Houston. The immediate area boasts strong demographics, including an average household income of $157,802 within a one-mile radius and a 58% growth in population since 2020 as compared to a 0.8% annual U.S. population growth. In addition, Banyan Kingsland Heights has access to a variety of retail, entertainment and dining options, all within 20 minutes of the property.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Director Matthew Putterman and Directors Jim Humphries and Daniele Colbertaldo and Analyst Rhett Robins.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 108,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Banyan Residential
Banyan Residential® is a private real estate investment firm with offices in Los Angeles and Houston. The company specializes in the ground-up development and acquisition of multifamily, office, and retail properties in gateway markets across the United States. Established in 2018, Banyan has developed over 4,600 multifamily units representing $1.9 billion of transaction volume. Its executive team currently manages a pipeline exceeding $3.5 billion in value, comprising more than 3,500 residential units and 385,000 rentable square feet of office space.