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Limited Pipeline Chokes Under Demand Weight

Multifamily is becoming increasingly expensive to build, straining budgets, so the Grayson is expected to benefit from limited competition in Spring, where demand outpaces supply at 1.91 units absorbed per delivery.

The Grayson The Grayson is a 330-unit class-A apartment community in the northern Houston submarket of Spring.

SPRING, TX—A limited development pipeline and record-setting job growth here combined to make a property prime for investment. Moreover, the asset was well-aligned with Passco Companies’ strategy of identifying top-tier multifamily assets in high-growth markets, according to Jake Niles, director of acquisitions/West at Passco Companies.

Passco acquired the Grayson, a 330-unit class-A apartment community in this northern Houston submarket. Although the price was undisclosed, Niles notes the firm was able to acquire this asset at below replacement cost.

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Lisa Brown

Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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