HOUSTON--Marcus & Millichap has arranged the sale of the largest single multifamily asset in Texas, Broadway Square Apartments. The 2,470-unit apartment complex is adjacent to Hobby Airport; terms of the sale were not released.

Jeffrey Fript, vice president investments in Marcus & Millichap's Houston office, represented the buyer, an out-of-state investment entity. The seller is an out-of-state investment group that specializes in multifamily real estate investments.

“The buyer is now going to control 80 acres across from the Hobby Airport, which is undergoing a major expansion, opening a new international terminal the city,” Fript told GlobeSt.com. “In the short-term, the buyer is going to improve operations and possibly look to rebrand their name.”

The complex was constructed in phases from 1976 to 1979 on approximately 69 acres. The unit mix features one- and two-bedroom floor plans—80 of which are townhomes—that range in size from 504 square feet to 1,206 square feet.

Community amenities include controlled-access gates, four separate management offices, one main leasing office, 11 swimming pools, 28 laundry rooms, outdoor pavilions and courtyards, after-school programs and a community playground. Unit amenities include private patios and balconies in select apartments, ceiling fans, walk-in closets, mini-blinds and dishwashers. Select units have washer/dryer connections.

According to Fript, the new buyer “will focus on creating revenue growth through more intensive management and interior and exterior upgrades.”