Equus Announces the Sale of The Parkway on Westlake in Humble, Texas
Equus Capital Partners, Ltd. (“Equus”), a national real estate investment manager, announced today that an affiliate completed the sale of The Parkway on Westlake (“The Parkway”), a 320-unit garden-style multi-family community located in the desirable Humble submarket of Houston, Texas. The sale was made on behalf of Equus Investment Partnership XI, L.P. (“Fund XI”), a discretionary equity fund managed by Equus. The buyer is Terrain Capital Partners of Austin, Texas.
The Parkway contains 12 two- and three-story garden-style residential buildings across a spacious 18-acre site. Residents access their units via breezeway corridors and private unit entrances. The expansive clubhouse area is centrally located and features a resident kitchen, coffee lounge, library, social room with billiard table, 24-hour fitness center with a Spin/Yoga/Pilates studio featuring a WellBeats system, golf simulator, and business library. Outdoor amenities include an infinity edge style pool with beach entry and heated spa, poolside covered patio, grilling stations and a lakeside fire-pit, ping pong tables, a dog park, walking trails, and a 2-acre bass stocked fishing lake. Since its acquisition in 2021, Equus has continued to reinvest in the property, ensuring the preservation of its luxury, resort-style amenities while delivering first-class service to residents.
The Parkway is located five miles from Generation Park, a 4,200-acre master-planned commercial development at the center of the Lake Houston community. Anchored by Fortune 500 company TechnipFMC, Generation Park is a premier business destination that houses 1.5 million square feet of commercial space along with 550,000 square feet of top retail amenities. In addition to its convenient proximity to Generation Park, The Parkway is located within the fast-growing Humble market that has benefited from infrastructure improvements which is driving impressive local rental demand. Residents in this area can conveniently travel to top employers in the Houston MSA and maintain a high quality of life.
“The Parkway was developed in 2018 with high-quality finishes, a luxury amenity package, and a distinctive product mix that includes several townhouse-style units. These features have allowed the property to stand out in the marketplace and position it for long-term durability,” commented Andrew Holloway, Senior Vice President of Equus who, along with Mike Brower, Senior Vice President, Scott Miller, Vice President, and Anthony Gugluizza, Associate, oversaw the transaction for the firm. “Supported by our hands-on property management team, the property performance has remained resilient, helping to showcase both strong investment fundamentals and best-in-class operations.”
Jennifer Ray and Ryan Epstein of Walker & Dunlop represented the seller in the transaction.