Greybrook Announces US$35,600,000 Acquisition of Garden-Style Community in Houston, Texas

Greybrook Expands U.S. Value-Add Portfolio with Acquisition in Houston, Texas

Greybrook announced today the acquisition of Terra at Piney Point, a 246-unit garden-style apartment community situated between Houston’s Galleria and West Houston neighborhoods, adjacent to Piney Point Village, one of Texas’s most affluent communities for the purchase price of US$35,600,000.⁽¹⁾ Greybrook will manage the implementation of a property enhancement program, which includes modernizing the apartment units, investing in the common areas and grounds, and introducing a new property management team dedicated to improving tenant services and operational efficiency.

Built in 1994, the property comprises one-bedroom (49%), two-bedroom (41%), and three-bedroom (10%) suites distributed across 10 three-story residential buildings. Terra at Piney Point offers a well-appointed suite of amenities, including a clubhouse with community kitchen and coffee bar, spacious clubroom, 24-hour fitness center, resort-style swimming pool with sundeck, poolside fireplace with pergola and grill, and a covered veranda surrounded by landscaped grounds. The property’s location appeals to renters seeking access to high-quality schools, amenities, and major employment hubs in an area where home ownership remains out of reach for many.

“Housing affordability challenges in Houston, combined with strong population and job growth, continue to drive sustained rental demand across the metro. With a large share of households choosing to rent and homeownership costs remaining well above rental levels, the fundamentals supporting multifamily communities are exceptionally strong.” said Karl Brady, Chief Financial Officer, Greybrook Realty Partners. “Terra at Piney Point provides us with the opportunity to deliver targeted enhancements that will further improve the resident experience while capturing the long-term value embedded in Houston’s rental market.”

The community benefits from excellent connectivity to Houston’s leading employment centers, including the Galleria/Uptown, Westchase, Memorial City, and the Energy Corridor, and is within a 10-minute commute to major Fortune 500 employers such as Apache, ConocoPhillips, and Sysco. Over one million jobs are accessible within a 10-mile radius,⁽²⁾ further reinforcing the property’s desirability and long-term rental demand.

The Houston metropolitan area, home to approximately 7.8 million residents and ranking as the fifth-largest metro in the United States,⁽³⁾ has experienced rapid population growth, adding nearly 200,000 residents between July 2023 and July 2024 alone.⁽⁴⁾ This growth, driven by international immigration and domestic migration tied to job opportunities, affordability, and suburban expansion, has made Houston one of the fastest-growing major metros in the country.⁽⁴⁾ At the same time, Houston’s economy continues to expand at an exceptional pace, with GDP reaching a record high of $697 billion in 2023, a 25.1% increase over 2021 and the fastest growth among the 20 largest U.S. metropolitan areas during the period.⁽⁵⁾

The region’s strength is supported by its global leadership in the energy sector, encompassing both traditional oil and gas and a rapidly growing clean energy industry that includes more than 150 solar firms, 40 wind companies, and 15 battery storage operators.⁽⁶⁾ Houston is also home to the Texas Medical Center, the largest medical complex in the world, employing more than 120,000 professionals.⁽⁷⁾ Healthcare has been the leading driver of job growth in the metro area since 2024, reinforcing the region’s diversification and stability.⁽⁸⁾ With an economic base that also includes over 7,000 manufacturing facilities, 9,000 technology firms, a 230,000-strong tech workforce, and strengths in aerospace, logistics, construction, and professional services, Houston continues to attract significant investment and sustained in-migration.^(9)(10)

^{(1) Houston Chronicle – This west Harris County enclave is one of the most sought-after places to live in Texas, April 2025
(2) Data provided by Berkadia and from the prospective Property Manager.
(3) Greater Houston Partnership – Economy at a Glance – April 2025 – based U.S. Census Bureau data.
(4) United States Census Bureau – U.S. Metro Areas Experienced Population Growth Between 2023 and 2024 – census.gov/library/stories/2025/04/metro-area-trends.html
(5) Greater Houston Partnership – Economy at a Glance – March 2025 – based on U.S. Bureau of Economic Analysis data.
(6) Greater Houston Partnership – houston.org/why-houston/industries/energy
(7) tmc.edu/about-tmc/
(8) Greater Houston Partnership – Monthly Update: Houston Metro Employment – houston.org/houston-data/monthly-update-houston-metro-employment
(9) Greater Houston Partnership – houston.org/why-houston/industries/advanced-manufacturing
(10) Greater Houston Partnership – houston.org/why-houston/innovation-startups}