HOUSTON – Four Houston multifamily projects totaling 1,067 units have been acquired by affiliates of the Knightvest Capital organization of Dallas. The seller was Capri Capital of Chicago.
The properties, known as the Triden portfolio, were built between 1993 and 2001 and have an average occupancy of 95 percent.
Tip Strickland and David Schwarz of ARA Newmark Houston arranged acquisition financing of $84 million through Freddie Mac.
In Houston, Class B and C units have strong occupancy and rental growth, while upscale Class A units have suffered as supply has expanded with excessive new construction.
The four apartment complexes that sold are: two projects near U.S. Highway 290 and Hollister: 216-unit Seasons Apartments and the 210-unit Beverly Wilshire Apartments; along with two projects near the southwesternmost curve of Loop 610: the 345-unit Meyer Park apartments and the 296-unit Meyer Park Lakeside.
Dec. 8, 2016 Realty News Report Copyright 2016