CBRE Capital Markets arranged the sale of the Edgelake Apartments, a 216-unit, garden-style multifamily asset at 3010 East NASA Parkway in Seabrook, Texas. 3000 NASA Parkway purchased the asset from Omaha, Nebraska-based SEC Edgelake, LLC for an undisclosed price.
Edgelake Apartments was built in 1984 and features one- and two-bedroom units with an average size of 742 sq. ft. It was 95 percent occupied at closing. Community amenities include a swimming pool and fitness center.
“Edgelake complements the buyer’s existing multifamily portfolio in the Clear Lake/Bay Area submarket. A portion of the interior units have been upgraded and the buyer plans to continue upgrading the remainder, as well as renovating the exterior to elevate the property’s curb appeal,” said Mr. Phillips.
Mr. Duncan added: “this transaction is an example of a broader trend of workforce housing trades in higher quality submarkets.”
The surrounding area has experienced significant growth driven by the chemical, petrochemical, natural gas and manufacturing industries east of Houston and demand in the Port of Houston.
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