Brazos Crossing Apartments is a 308-unit Class A workforce housing community located in Richwood, Texas, 50 miles south of Houston. The property's location in Brazoria County places residents in the heart of South Texas' petrochemical industry and within minutes of major employers, including Dow Chemical (four major plants all within 5-9 miles of the property), Chevron Phillips, Wood, St. Lukes Health, Flour, Olin, BASF, Schlumberger, and Bruck.
Economic fundamentals are robust in the area surrounding Brazos Crossing apartments. Population growth was 29% from 2010-2020. The average household income is above $107,000 in a three-mile radius of the property, and 59% of residents in the area hold white-collar jobs. The petrochemical development pipeline in Brazoria County includes $5B of ongoing projects.
Brazos Crossing Apartments, completed in 2016, consists of 17 residential buildings and one fully-amenitized clubhouse. The property offers one-bedroom, two-bedroom, and three-bedroom floor plans ranging from 611 square feet to 1,252 square feet. Community amenities include covered parking, 24-hr maintenance, Cyber Café, storage units, fitness center, swimming pool and poolside lounge, outdoor kitchen, and clubhouse. Interior unit features include a black appliance package, ceiling fans, electronic thermostats, granite countertops, microwave oven, walk-in closets, wood-style flooring, and a full-size washer dryer. All residences include a patio or balcony.
Stonemark Management assumed property management services at closing. ApexOne Multifamily Fund III, LP purchased Brazos Crossing and will execute a light value-added program and hold long-term to capture growth and appreciation.