Sugar Land, TX. – Pensam, a diversified multifamily real estate investment firm, has acquired Broadstone New Territory, a 504-unit multifamily apartment community located at 5555-5556 New Territory Boulevard in Sugar Land, Texas. This transaction represents Pensam’s ability to identify and capitalize on affluent submarkets across the United States as well as the company’s focus on investing in properties that present unique value-add opportunities and are positioned to drive community job growth and retail.
Broadstone New Territory was built in two phases completed in 1997 and 2002 and was owned by the same group for approximately 20 years prior to Pensam’s acquisition. It is a part of the Sugar Land’s New Territory 3,200-acre master-planned-community, containing recreational centers, parks, lakes and open fields.
The majority of this property’s units remain in classic condition, with the amenities and common areas also providing numerous value-add opportunities. Pensam will install quartz countertops, faux wood plank flooring, premium backsplashes, stainless steel appliances, modern lighting, and plumbing fixture packages. Units already offer full-sized washers and dryers as well as balconies and patios with exterior storage.
Broadstone New Territory’s common areas and amenities will also be enhanced and modernized. It currently features a beach volleyball court, business center with conference room, full fitness center, barbecue grilling stations, two tennis courts, a theater room, garages and a resort-style pool with water park features.
In addition to its proximity to attractions such as Sugar Land Town Square and the First Colony Mall, the property is also within driving distance of the Amazon Fulfillment Center– the first such center in Texas, which opened in 2021 and created 500 additional jobs in the area.
“Broadstone New Territory is a one-of-a-kind value-add opportunity in one of the most desirable submarkets in the State of Texas. This property presents several unique opportunities for Pensam to both modernize what is an already attractive property and bring improvements to a community that is in proximity to thousands of jobs and millions of square feet of retail, recreation, shopping and dining,” said Hen Shoval, Principal and Director of Investments, and “The greater Houston market possesses strong fundamentals, with rents and population both expected to increase by roughly 11 percent over the next five years. Our team is proud to have once again identified such a unique opportunity and contribute to this beautiful master-planned community.”
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