HOUSTON – April 2, 2015 –CBRE Capital Markets’ Multifamily team in Houston announces the sale of Cityside Crossing, a 360-unit, garden-style multifamily community in Southeast Houston. San Antonio-based Commerce Capital Partners, LLC purchased the asset from Philadelphia-based RRE Skyview Holdings, LLC for an undisclosed price.
Cityside Crossing, at 5514 Griggs Road, is less than one-half mile northwest of the Interstate 610 Loop and within minutes of several major employment centers, including the Texas Medical Center, the Central Business District and the University of Houston.
The property is made up of 180 one-bedroom and 180 two-bedroom apartments, with an average unit size of 1,163 square feet. Unit features include nine-foot ceilings, bay windows in dining areas, spacious walk-in closets, full-size washer and dryers, energy-efficient white appliances and large kitchens. It was constructed in 2001 and renovated in 2013-2014.
The property has an on-site maintenance shop building, covered mail area and perimeter fencing with gated access. For easy access to transportation, The Palm Center Light Rail Station, adjacent to the complex, is slated to open in April 2015.
“The MetroRail Southeast Line, or Purple Line, that will open shortly will make this property very accessible to the University of Houston and the Houston Medical Center,” said Ryan Epstein, Executive Vice President with CBRE.
Numerous area amenities offer entertainment, fitness and education opportunities for the community. Cityside Crossing is adjacent to the City of Houston’s 1.8-acre Park at Palm Center, which features a splash pad, playground, walking trails, urban garden and grill area. Other area facilities include the Houston Public Library Young Neighborhood Library and the Houston Texans YMCA, which the professional athletes support.
Mr. Epstein and Clint Duncan, Vice President with CBRE, represented the seller.
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