Veritas Equity has bought Oak Bend Place, a 152-unit rental community in Tomball, Texas, from Alphil Investments. Colliers brokered the transaction on behalf of the seller.
With the addition of this Class B, value-add asset, Veritas Equity now owns some 2,000 apartments in the Houston metro area, across multiple properties, most of them completed in the 1960s, 70s and 80s, according to Yardi Matrix. The largest asset in this portfolio is the 456-unit Westchase Creek, shows the same data provider.
The 1984-built Oak Bend Place, located at 915 Baker Drive, spans more than 7 acres. The community encompasses 38 two-story buildings and is located 36 miles northwest of central Houston. Both Lone Star College and Tomball Junior High School are within 1 mile of the property. City Place, a mixed-use retail and office asset, with tenants such as Huckabee and Arroyo, is some 13 miles west.
The property comprises two-bedroom units ranging between 834 and 907 square feet. Amenity-wise, Oak Bend Place offers washers and dryers, while the property also includes balconies and patios. Furthermore, common-area amenities encompass a playground and swimming pool.
The Colliers team working for Alphil Investments included Senior Managing Directors Chip Nash and Bob Heard, alongside Senior Executive Vice President Kitty Wallace and Senior Associate Jaleel Adatia.
