Workforce Housing Asset Sold in Pasadena, Texas

JLL’s capital markets team has closed the sale of a 300+-unit, garden-style multi-housing property in Pasadena, Texas. JLL worked on behalf of the seller, 29th Street Capital, to complete the sale to the buyer for an undisclosed sum. The property is well-located in Pasadena, part of the greater southeast Houston area, and is positioned proximate to the Sam Houston Tollway (Beltway 8), offering connectivity throughout the area. The Pasadena submarket is anchored by the Port of Houston and the Houston Ship Channel (the nation’s largest petrochemical complex). The JLL capital markets team representing the seller was led by senior director Chris Young, senior director Joey Rippel and analyst Kyle Whitney. “This property is the third workforce housing transaction we’ve closed in the last six weeks,” said Young. “Investor demand for this asset class in Houston has only increased this year, especially for assets where the owner has primed it for a buyer to increase value immediately.”