Miami-based Lloyd Jones acquired Seville at Clay Crossing, a Class-A, 351-unit complex in Katy.
The development was built last year. London-based SFO Capital Partners is a limited partner on the acquisition. Lloyd Jones cited the property’s location at 21919 Clay Road, less than a mile from a new Amazon sorting center, as a major draw, as well as its easy access to major employers in the Energy Corridor, including Shell Oil Co.
“We’re extremely pleased to add Seville at Clay Crossing to our portfolio,” Lloyd Jones CEO and Chairman Chris Finlay said in a press release. “This acquisition aligns well with our core asset strategy; it is very well appointed, in a fantastic location near some of the area’s largest healthcare and tech employers, and is poised to produce attractive cash flow and returns for our investors.”
Katy, like other suburban markets, is seeing more growth than Inner Loop markets. The Katy and Cinco Ranch areas have seen 9.7% annualized growth, according to December data from ApartmentData.com, which listed it as the fourth-hottest submarket in the Houston area.