Multifamily investment sales are also popular around The Woodlands, like last week’s sale of The Retreat at Conroe. CBRE’s Ryan Epstein, who repped the seller with colleague Clint Duncan, says the property is one of the first fully amenitized Class-A multifamily communities in Conroe. (It's as high-quality as you'd see in The Woodlands.) Ryan says the Conroe area is going through a tremendous employment boom, which is driving housing demand. One funny thing—a lot of the residential activity is coming from people who have lived in The Woodlands and are sick of the traffic. (Yes, our suburbs now have suburbs.)
The 210-unit Class-A community was snapped up by FSC Realty in a highly competitive process. Ryan tells us he did 14 tours and received 12 offers. Multifamily isn't the only sector expanding here—there's a wave of construction nearby, including an HEB Plus that just delivered across the street from this property. The Retreat at Conroe was built in ’13 and is 97% occupied. CBRE’s Troy Tegler and John Fenoglio secured debt for the acquisition.
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