Sale of newly built multi-housing community in Houston MSA closes
JLL Capital Markets closed the sale and arranged the financing for the 300-unit The Wildwood in Richmond, Texas
HOUSTON, Sept. 18, 2023 – JLL Capital Markets announced today that it has closed the sale of and arranged the financing for The Wildwood Apartments, a 300-unit, newly developed, institutional, Class A multi-housing community located in the Houston suburb of Richmond, Texas.
JLL represented the seller, Allen Harrison Company, and Price Realty Corporation acquired the asset. JLL also worked on behalf of the new owner to secure the seven-year loan through New York Life Real Estate Investors.
Built in 2022, The Wildwood features one- and two-bedroom units with wood-style flooring, open-concept floorplans, stainless steel appliances, natural stone countertops, private yard and patios and spacious closets. Community amenities include a conservatory, dog parks with observation pavilion, private attached and detached garages and carports, gated entry, secure package lockers and package room, a club house with library and kitchen, a resort-style swimming pool and a 24-hour fitness center. The Wildwood is located within the highly amenitized Veranda master-planned community, which provides residents access to a yoga lawn, playgrounds and hike and bike trails.
Situated 24500 Wildwood Park Road., The Wildwood provides easy access to both Highway 59 and the Grand Parkway, allowing residents efficient connectivity to the rest of the Houston MSA. This includes many employment hubs, medical resources and entertainment/dining establishments throughout Katy, Sugar Land and Richmond. Richmond’s prime location is just 30 miles southwest of downtown Houston.
OakBend Medical Center and UT Health, as well as Brazos Town Center North and South are located within one mile of the property.
The JLL Capital Markets Investment Sales Advisory team is led by Managing Director Dustin Selzer. Senior Managing Director John Brownlee led the JLL Capital Markets Debt Advisory team.
“Price Realty is excited to add our most recent acquisition of The Wildwood, a best-in-class asset in the Richmond submarket, to our Houston portfolio. Growth in the Richmond area will continue to benefit long-term from both the accessibility to multiple Houston employment hubs and the activity in the neighboring towns of Katy/Cinco Ranch and Sugarland. Price will look to continue to expand its Class A portfolio in the Houston market, thanks to our strong existing Houston portfolio and all-star team,” said Michael Ochstein, President of Price Realty Corporation.
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 and sales 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 106,000 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 Allen Harrison Company
Allen Harrison Company is a Houston-based, privately held real estate investment and services firm focused on the development, construction, acquisition and property management of multifamily assets. With a wealth of knowledge amassed from a history of over 23,000 multifamily units spanning 19 markets and $6 billion in value, our team exercises strategic site and asset selection. We specialize in individually tailoring our approach to each project and turning obstacles into opportunities to generate superior returns to our investors.
About Price Realty
Price Realty Corporation currently owns and operates nearly 5,500 units throughout the Austin, Dallas-Fort Worth and Houston MSAs. Price’s Houston portfolio is comprised of 5 Class A properties totaling over 1,600 units.
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly owned subsidiary of New York Life Insurance Company. For more information please visit: www.nylinvestors.com.
New York Life Real Estate Investors is a full service, fully integrated real estate enterprise with more than 180 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans and commercial mortgage-backed securities. With $68.3 billion in assets under management as of June 30, 2023(1) New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
(1) Real Estate Investors AUM of $68.3B is gross and includes AUA ($873M) as of 6/30/2023. Net AUM for Real Estate Investors is $67.4B as of 6/30/2023.