The Grayson is a330-unit class-A apartment community in the northern Houstonsubmarket of Spring.
SPRING, TX—A limited development pipeline and record-settingjob growth here combined to make a property prime forinvestment. Moreover, the asset was well-aligned with PasscoCompanies' strategy of identifying top-tier multifamily assets in high-growth markets, according to JakeNiles, director of acquisitions/West at Passco Companies.
Passco acquired the Grayson, a 330-unit class-A apartmentcommunity in this northern Houston submarket. Although the pricewas undisclosed, Niles notes the firm was able to acquire thisasset at below replacement cost.
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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.
