352-Unit Remington Katy Goes to Valcap Group

Conti Street Partners sold the 352-unit Remington Katy to Valcap Group. The four-year-old multifamily property sold in an off-market transaction for an undisclosed amount. The asset is assessed at $38.9 million.

CBRE’s Matt Phillips and Clint Duncan represented the seller, which developed the complex in partnership with Allen Harrison Co. Michael Thompson with CBRE’s Debt and Structured Finance, arranged financing for the buyer.

Located at 22631 Colonial Pkwy. in Katy, TX, the property, now known as Luxe at Kathy Apartments, is 97% occupied. The property delivered in 2013, and offers one and two-bedroom units, ranging from 670 to 1,300 square feet.

“Off-market transactions continue to be prevalent in today’s market, and this is a trend we expect to see more of during the first half of next year,” Duncan said.

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