Judwin Sells 308-Unit Brazos

ROSENBERG, TX-Close to three years after launching construction on its 308-unit Brazos Ranch Apartments, developer Judwin Properties has turned the keys over to Inland Real Estate Trust. The Chicago REIT paid $27.7 million to the Houston developer for ownership rights in the class A complex.

A spokesman with Inland declined an interview with GlobeSt.com, though he acknowledged the deal did close. According to a recent filing with the Securities and Exchange Commission, the complex at 7404 Town Center Blvd. is 90% occupied. The complex in Fort Bend County southwest of Houston has efficiencies along with one- and two-bedroom units ranging in size from 643 square feet to 1,582 square feet.

Brazos Branch Apartments is the multifamily component of the mixed-use, 546-acre Brazos Town Center, which is under development by Houston-based NewQuest Properties. The retail portion, which will eventually be around 700,000 square feet, has tenants including The Home Depot, Best Buy, OfficeMax and a Target SuperCenter. A Cinemark Theater is also on site. The project is also platted for further residential development, in the form of townhomes and apartments.