HOUSTON – Transwestern’s Houston Multifamily Investment Services Group completed the sale of a two-property multifamily portfolio totaling 117 units in Spring Branch. Transwestern Managing Director Ed Cummins and Senior Associate Ryan Mendez represented the seller, OSD Ltd.
“Demand for well-located assets in the Spring Branch submarket remains high,” said Mendez. “Our team has completed three sales within the area in the last six months, and we anticipate continued activity over the near-term.”
In its latest Market Watch report, Transwestern said the Spring Branch submarket had an occupancy rate of 94.1 percent, compared to a citywide rate of 91.4 percent. Monthly PSF rentals rates for Class A, B and C were $1.42, $1.04 and 85 cents, respectively.
Transwestern said the off-market deal involved the sale of Spring Gardens, a 79-unit, garden-style community located at 1714 Wirt Road and Johanna Square, a 38-unit, garden-style community, located at 1715 Johanna Drive. Both properties were purchased by an undisclosed buyer.