HOUSTON – The Cranbrook Portfolio, a 1,038-unit portfolio including the Polo Club Apartments, Monticello Apartments and Timbers Apartments. Transwestern’s Ed Cummins and Clint Duncan represented the seller in the transaction. Located on Ella Boulevard in Houston, the three properties span across 33 acres and were 87.7 percent occupied at the time of sale. The largest of the complexes is the Polo Club Apartments with 520 units, followed by Timbers Apartments with 274 units and Monticello Apartments with 244 units. The transaction was a distressed asset sale on behalf of the lender, and the portfolio was purchased for an undisclosed amount by a California investor.
ALBUQUERQUE, NM — The 232-unitLa Ventana located at 12200 Academy Road NE in Albuquerque has been sold to MPLA Ventana Apartments LLC of Los Angeles, Calif. La Ventana was built in 1995. The transaction was negotiated by Bill Fox (Albuquerque), Art Wadlund (Tucson), Mark Forrester (Phoenix), and Ric Holway (Phoenix) of Hendricks & Partners on behalf of the seller, GFPG 12200 Academy Road ABQ II, LLC of Lakewood, Colo.
WILLISTON, N.D. — A new property in the Bakken Shale, the Williston Garden Apartments is 100 percent pre-leased. When completed, this development will provide 90 furnished units and 55 unfurnished units. Currently, two of the four buildings are open and the remaining two are scheduled to open this summer. Investors Real Estate Trust (IRET) owns a majority interest in the project.
HOUSTON – Wood Partners will begin construction in May on Alta Heights, a 256-unit project at 145 Heights Blvd., near Washington Ave.
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