Price Realty Acquires The Wildwood Apartments
On September 8th, 2023 Price Realty acquired The Wildwood Apartments, a 300-unit, newly developed, institutional, Class A multi-housing community located in the Houston suburb of Richmond, Texas.
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. JLL worked on behalf of Price Realty to secure the seven-year loan through New York Life Investment Management, LLC.
“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.
Price Realty 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.