ECI Group has sold a 318-unit community in Houston to Mosaic Residential. Located at 3354 Rogerdale Rd., The Columns at Westchase was originally acquired by ECI Group in 2018 for $35 million, CommercialEdge data shows. The company conducted capital renovations throughout the property, which was first built in 1999.
Homes at The Columns at Westchase include washers and dryers and new flooring, cabinetry and plumbing fixtures. Select units include garages and/or carports and private patios or balconies. Community amenities include a clubhouse, pool, fitness center and grilling pavilion. Apartment layouts include one-, two- and three-bedroom units. The community is 94 percent occupied.
Located on a 13-acre site, The Columns at Westchase is 14 miles west of downtown Houston with dining, entertainment and retail options. Nearby stores and retailers include a Kroger, Aviva Wholesale & Retail, H Mart, The Home Depot, Target and Starbucks. Newmark’s David Mitchell represented the seller in the deal.
Houston’s steady activity
According to October Yardi Matrix data, the Houston area experienced 0.7 percent rent growth on a year-over-year basis. Compared to other metros where rent growth turned negative despite high demand, the area’s multifamily numbers are continuing to fare well.
Additionally, Houston ranked in the top 10 markets for multifamily deliveries in the first half of 2023. Coming in 10th place, the city had 17 projects deliver. In the second half of the year, more communities came online.
Ascendant Development recently opened its 200-unit, 649-bed luxury student property near the University of Houston. Standing 16 stories, the community features a pool, clubhouse, yoga center and outdoor kitchen.
