KATY, TX – Walker & Dunlop announced the sale of Vineyards, a 369-unit garden-like community in Katy, Texas. The property, built in 2003, is located in the Houston metropolitan area and has significant potential for value creation.
Walker & Dunlop's Houston Multifamily Investment Sales Team represented the seller Preferred Apartment Communities in the transaction with the buyer Knightvest Capital. Director Scott Bray and Managing Directors Ryan Epstein and Jennifer Ray effectively communicated the property's investment benefits, including long-term stability, future rental growth and appreciation.
“Ideally located in the Katy submarket and Katy's premier school district, Vineyards was an excellent investment. The property also had a strong monthly performance that has maintained its momentum during the pandemic, ”commented Bray. "With almost all units in their original condition and the property being heavily utilized, Vineyards is well positioned for a value creation strategy through an indoor unit renovation program."
Mr. Bray added, "Vineyards has a plethora of attractive properties for clients looking to invest in the Houston multi-family market. We are confident that Knightvest will continue to maximize the value of the property."
Vineyards' proximity to Interstate 10, Highway 6 and the TX 99 Grand Parkway provides easy access to the city's highest income work centers. These include the Central Business District, Westchase District, and the Energy Corridor, which are home to many corporate headquarters and local businesses. Additionally, Vineyard residents are minutes away from many dining, shopping, and entertainment options. With large residential units, lots of green space and unparalleled schools in the area, the community is very popular with residents looking for a place to live, work and play.