December 9, 2020
JLL Capital Markets closed the sale of the 396-unit Sharpstown Garden Apartments workforce housing property in Southwest Houston. Senior directors Chris Young and Joey Rippel represented the seller, Pryzant Management, to complete the sale to Indus Management.
The Sharpstown Garden Apartments total 334,150- square feet and consist of one-, two- and three-bedroom units. Ownership had managed the property since 1995.
“Stabilized workforce housing continues to be one of the most liquid asset classes in Houston, attracting healthy investor interest this year,” said Young. “Sharpstown Garden’s buyer pool was indicative of the strong investor appetite for Southwest Houston in particular.”
He continued, “Collections and occupancy both remained on solid footing at the property from March through November. The seller did a great job managing economic occupancy through the pandemic and the buyer will be able to implement a capital plan to increase returns for their investors.”
For comments, questions or concerns, please contact Paul Bubny