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.
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.
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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