ApexOne Investment Partners (Fund V) have entered into a joint venture development agreement with the Allen Harrison Company to construct 348 apartment homes in Richmond, Texas. The site is adjacent to the Brazos Town Center at the intersection of the Southwest Freeway and State Highway 762. The Town Center attracts over 9.3M visitors annually and accounts for more than 50% of the Richmond/Rosenberg submarket retail enterprises. The Ryon is located within the 332-acre Circle Oaks master-planned community that will include 104 acres of retail and mixed-use space, 45 acres of office space, 23 acres of low-density residential, and 19 acres of community green space and amenities. BMW and the Kelsey Seybold Clinic are expanding into the area in 2023/2024. Existing retail offerings in the immediate area include Academy, JC Penny, ULTA, Kohl’s, Aldi, Hobby Lobby, Target, Office Depot, Ross, Best Buy, Walgreens, Specs, and Kroger.
The population within one mile of The Ryon has increased by nearly 300% since 2010. The average household income in the immediate area is over $105,000, with 55% holding 4-year college degrees.
The Ryon will offer a variety of one, two, and three-bedroom floor plans and a fully amenitized luxury clubhouse and amenity package. Upon completion and stabilization, ApexOne will hold the property for cash flow and long-term appreciation.