Developers have become very interested in Spring Branch, notes a Swamplot tipster. The latest evidence: the recent sale of the Blalock Woods Apartments (pictured above), just north of the Katy-Fwy.-side 99 Ranch Market at 1111 Blalock Rd. The new owner of the townhome-style complex is a group put together by investment and apartment-development firm Stanmore Partners. The property changed hands on October 1st; on the same date, residents of the Spring Branch apartment complex received a brief letter saying Greystar Management Services will be taking over management of all 316 units. The letter didn’t reveal the name of the property’s new owner, and didn’t say anything about shutting down the place, but a source tells Swamplot that no new leases are being written, and that a “departure deadline” of June 2015 is being planned.
The 16.45-acre site probably sold for about $32 per sq. ft., or just under $23 million, a source tells Swamplot. Houston Texans owner Bob McNair is believed to be one of the investors in the deal.
Photo: Swamplot inbox