Texas’ Largest Multifamily Asset Trades Hands
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At 2,470 units, Broadway Square Apartments is the largest multifamily community in the state. And with its recent sale, it’s now part of a major future land play across from Hobby Airport.
Marcus & Millichap VP of investments Jeff Fript (director of the national multifamily group) repped the buyer. It had purchased the 300-unit Savannah Apartments across from Hobby last year, and Jeff knew it’d be interested in this property as well. They put in an offer to the seller, who opted to do a full marketing process. At the end of it all, Jeff's offer was still the best. The giant community was built between 1976 and 1979 and includes one- and two-bedroom units as well as 80 townhomes.
Short term, the buyer is upgrading Broadway Square Apartments and improving management/operations. Longer-term, it’s accumulated 80 acres across from Hobby and is viewing it as a large covered land play. That’s becoming even more valuable as Hobby expands (its new international building will add 10,000 jobs and is estimated to create a $1.6B impact on Houston) and beautifies.