Houston. Image courtesy of avMachine713 via pixabay

CEG Multifamily purchased Watermark in Grand Central Park, a community located in the Houston suburb of Conroe. The asset is a 288 unit garden style property. Thompson Thrift was the seller, and the sale price was not disclosed.

“Our defined process and integrated team structure enables us to grow, stabilize and sell communities for attractive returns,” said Josh Purvis, Managing Partner of Thompson Thrift Residential. Multi-Accommodation News. “The rental and investor interest in Watermark at Grand Central Park further affirms Thompson Thrift’s ability to deliver desirable communities based on style, convenience and luxury.

Watermark at Grand Central Park was completed in 2021 and is currently 90% occupied. The community is made up of one-, two-, and three-bedroom apartments in three-story garden-style buildings. According Yardi matrix dataunits range from 678 to 1,362 square feet.

Located along Interstate 45, Loop 336 and Highway 105, the property is 45 minutes north of Houston. Watermark at Grand Central is near major employers including Conroe Medical Plaza, Huntsman LLC, and St. Luke’s Hospital. The surrounding area provides access to six lakes as well as trails in over 1,000 acres of woodland.

Walker & Dunlop’s Jennifer Ray negotiated the sale of Watermark in Grand Central Park on behalf of Thompson Thrift. In March, Thompson Thrift sold another Houston community in the suburb of Spring. The asset, Magnolia, sold for $64 million.

Increase in Conroe demand

Conroe’s population has more than doubled since 2000, increasing rental rates by about 15.5% last year. The region was home to more than 88,000 people in 2020, according to United States data.

The city’s housing market is seeing massive growth in demand, as is Houston in general. Rents in Houston, on a three-month basis through May, rose 0.7% while occupancy at stabilized properties rose 130 basis points, to 94.1%, during of the year ending in April.