LOS ANGELES – September 9, 2014 – A fund sponsored by CBRE Global Investors has acquired The Plantation at The Woodlands, a 432-unit Class A garden-style apartment community that is 94 percent occupied.
The Plantation is located at 3720 College Park Drive in the master-planned mixed-use community of The Woodlands, which is 27 miles north of Houston’s Central Business District and is very desirable due to its proximity to numerous entertainment and retail amenities, key employers and a major transportation corridor. The asset benefits from its low-density setting, extensive common area amenities, and high-end unit finishes, which can be enhanced with additional upgrades.
CBRE Global Investors plans to stabilize property operations by implementing dedicated asset management oversight and initiating a comprehensive marketing and residential service upgrade as well as physical upgrades including two-inch wood blinds, installation of tile backsplashes in kitchens, replacement of cabinet fronts, lighting and ceiling fan updates, new flooring in select units, two-tone paint and technology enhancements.
“The Plantation is an ideal candidate for a targeted renovation strategy and implementation of our signature ‘Inspired Lifestyle’ customer service program to differentiate it from the competition,” said Ben Green, Director, CBRE Global Investors Multi-Housing Group.
Total employment in Houston has grown by 3.0 percent per year over the past four years, far outpacing the national average of 1.4 percent. This strong growth is expected to continue increasing by 2.7 percent annually over the next five years, significantly exceeding the national average of 1.6 percent.
“Houston is a focus market for the fund as it is forecasted to be a top-performing market in terms of apartment demand,” said Steve Gullo, Managing Director, CBRE Global Investors Multi-Housing Group. “The Woodlands is a high-barrier-to-entry submarket with some of the most favorable demographics in greater Houston and is expected to outperform the MSA in terms of both rent growth and vacancy.”
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $92.8 billion in assets under management* as of June 30, 2014. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has approximately 44,000 employees in approximately 350 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of properties and real estate-related loans; securities portfolios; and investments in operating companies, joint ventures and in private real estate funds under its fund of funds program. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.