Colliers announces sale of 152-unit multifamily property in Tomball, TX

HOUSTON - Feb. 8, 2024 - PRLog -- Colliers is pleased to announce the sale of Oak Bend Place, a 152-unit multifamily community located at 915 Baker Drive in Tomball, Texas. The seller, Alphil Investments, was represented by  Chip Nash (https://www.colliers.com/en/experts/chip-nash), Bob Heard (https://www.colliers.com/en/experts/bob-heard), Kitty Wallace (https://www.colliers.com/en/experts/kitty-wallace) and Jaleel Adatia (https://www.colliers.com/en/experts/jaleel-adatia) of Colliers.

Oak Bend Place is a value-add multifamily property built in 1984 and located off Texas State Highway 249 in a retail-dense area that is grounded by a wide range of economic drivers. The property is situated near City Place (±22,000 employees), Tomball's latest development and home to global players like HP Inc., HPE, ExxonMobil, Southwestern Energy, American Bureau of Shipping, and more. Oak Bend Place is less than five miles from a top-tier university, Lone Star College, and Tomball High School, in the prominent Tomball ISD. Just minutes from the property is Willowbrook Mall, which features more than 150 shops and a collection of the most popular department stores.

"From day one of starting our marketing efforts, Oak Bend Place garnered a ton of interest," said Bob Heard of Colliers Houston. "The team was able to generate multiple offers early on and found the ideal buyer within ten days of the marketing launch date, resulting in a successful closing just 82 days after the property hit the market. Oak Bend Place is a well-maintained and centrally located asset that also makes financial sense; investment properties such as this are in huge demand and often create bidding wars among buyers. Huge shoutout to the buyer, seller, and Myan Management for all their efforts to get this one across the finish line."