THE WOODLANDS, TX-Kennedy Associates Real Estate Counsel LP hasacquired Boardwalk at Town Center, the only apartment developmentsituated along The Woodlands Waterway. The Seattle-based firm,which serves as investment advisor to MEPT, bought the 450-unitluxury property from a partnership comprised of USAA Real EstateCo. and Cambridge Development Group.

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The purchase price was not disclosed, but industry sources saythe two-year-old property traded for roughly $70 million, or$155,500 per unit. Based on that price, local professionals say thesale is the largest multi-family deal to close in Texas so far thisyear.

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The Boardwalk at Town Center is Kennedy Associates’ firstmultifamily acquisition in Texas and its first multifamily propertyin the Houston metro area. Several years ago, it partnered withLincoln Property Co. to develop an apartment property in FortWorth.

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San Antonio, TX-based USAA and Houston-based CambridgeDevelopment were represented by Will Balthrope and Ryan Epsteinwith the Balthrope Group of Institutional Property Advisors, aMarcus & Millichap Company.

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“Boardwalk is a very unique asset – it’s a true live, work, playproperty where you do not need to own a car – and that is a rarecommodity in Texas,” Balthrope says. “It features many of thequalities that you can only find in coastal, high barrier-to-entrymarkets.”

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Esptein tells GlobeSt.com the Boardwalk at Town Center is ahybrid property: it mixes the suburban location of TheWoodlands – one of the largest master-planned communities in thenation – with an infill location along the Waterway in the TownCenter.

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“It is a truly irreplaceable location,” Balthrope notes, addingthat residents who live in Boardwalk at Town Center have theability to walk to work, bike to the grocery store, take a watertaxi to the Woodland Mall, kayak along the waterway to the nearbylake and hear the Houston Symphony from their balconies. Theproperty is surrounded by numerous restaurants and retailshops.

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“When we took the property to market in July, we had terrificinterest from across the country,” Balthrope tells GlobeSt.com. “Wehad 90 people look at the offering memorandum, 25 tours and 17offers.”

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After being selected as the buyer, Kennedy Associates closed thetransaction in 25 days. The firm paid all-cash for the property,which has received numerous accolades for quality and designincluding the 2008 Multifamily Executive Award for low riseproperty.

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