HOUSTON—Northbrook, Ill.-based Prime PropertyInvestors has completed the acquisition of a 306-unitapartment community in the Houston suburb of Stafford within FortBend County, one of the fastest-growing counties in the nation,according to the U.S. Census Bureau. This will be the secondHouston-area property that PPI owns, marking the company'scontinued expansion into the Houston multifamily real estatemarket.

Located on Fountain Lake Drive, just east of South Dairy AshfordRoad, Estates at Fountain Lake (formerly known as Alexan FountainLake) is a 13.6-acre full-amenity luxury community that consists of14 three-story garden-style buildings with a total of 306 units.PPI acquired the property from Dallas-based Trammell CrowResidential.

Barbara J. Gaffen, co-CEO of PPI, tellsGlobeSt.com, “This property makes sense for us.Houston is the fastest-growing city and fourth largest in thecountry, with a half-million more people expected over the nextfive years. We have a huge export market, expanding tech hubs, andmore and more companies are either relocating to Houston or openingadditional offices here. So we are seeing tremendous jobgrowth.”