Walker & Dunlop Completes Sale for 369-Unit, Garden-Style Multifamily Property in Katy, Texas
Walker & Dunlop, Inc. announced today that it completed the sale of Vineyards, a 369-unit, garden-style community in Katy, Texas. Built in 2003, the property is within the Houston metropolitan area and has significant value-add potential.
Walker & Dunlop’s Houston Multifamily Investment Sales team represented the seller, Preferred Apartment Communities in the transaction to the buyer, Knightvest Capital. Director Scott Bray and Managing Directors Ryan Epstein and Jennifer Ray, effectively communicated the property’s investment benefits, including its long-term stability, future rent growth, and value appreciation.
“Thanks to its ideal location within the Katy submarket and Katy’s top-ranked school district, Vineyards was an excellent investment. The property also had strong month-to-month performance, which has maintained momentum throughout the pandemic,” commented Bray. “With nearly all of the units in original condition and the strong occupancy at the asset, Vineyards is well-positioned for a value-add strategy through an interior unit renovation program.”
Mr. Bray added, “Vineyards presented a wealth of attractive attributes for our clients who were looking to invest in the Houston multifamily market. We’re certain that Knightvest will continue to maximize the property’s value.”
Vineyards’ proximity to Interstate 10, Highway 6, and the TX 99 Grand Parkway affords convenient access to the city’s highest income employment centers. These include the Central Business District, Westchase District, and the Energy Corridor, which are home to many corporate headquarters and local businesses. Additionally, residents of Vineyards are within minutes of many dining, shopping, and entertainment options. With large unit sizes, plenty of green space, and unparalleled schools in the area, the community is highly desirable for residents seeking a live, work, and play environment.
Walker & Dunlop is a leader in multifamily property sales, having completed $6.1 billion in property sales volume in 2020. The firm was also the top provider of capital to the U.S. multifamily market, originating $31 billion in transactions and lending over $24 billion for multifamily properties in 2020. For information about Walker & Dunlop's view on the apartment market, read our recently-released Summer 2021 Multifamily Outlook Report.