HOUSTON, TX – San Francisco-based real estate investment firm Hamilton Zanze (HZ) announced the sale of The Point in Cypress Woods Apartments in suburban Houston. HZ bought the property in 2014 and the sale was completed on August 25, 2021.
"The Point at Cypress Woods demonstrates our ability to identify multi-family investment opportunities and add value by upgrading the property, renovating units and improving management," said Anthony Ly, director of dispositions at Hamilton Zanze.
The Point at Cypress Woods was built in 1983 and is located at 11800 Grant Road in Cypress, Texas, a suburb of the Northwest Houston metropolitan area. The property comprises 530 one-, two- and three-bedroom units with high ceilings, modernized kitchens and bathrooms, washer and dryer, balcony or terrace, fireplace, skylight and walk-in closet. Communal facilities include a gated entrance, a 24-hour fitness center, two swimming pools, a spa / hot tub, playground, picnic area with BBQ facilities, a sundeck with lounge chairs, and three laundry facilities on site.
During their tenure, Hamilton Zanze improved the interiors of the units with new appliances, floors and countertops. The company also upgraded community amenities, including upgrading the pool area, landscaping and irrigation repairs, installing carports, upgrading exterior roofs / siding, and repainting all buildings. The Point at Cypress Woods was 94% full at the time of sale.
The property is close to several major employers in the market, including St. Jude & # 39; s Hospital (approximately 10 km from the property) and Hewlett-Packard (6.5 km from the property). The community's location provides easy access to two major highways that connect residents with downtown Houston and surrounding cities. The Point at Cypress Woods is conveniently located in the city of Cypress, which is now ranked 50th in the top 100 highest income urban areas in the US by income per capita. It is just outside the Houston subway area, a major economic and cultural hub of the American South, where population is expected to grow rapidly in the years to come.
