HOUSTON — NexPoint Residential Trust, a Dallas-based REIT, bought two Houston apartment complexes for $108 million.
The REIT bought the 734-unit Old Farm Apartment Homes at 2500 Old Farm Road for $84.7 million or $115,000 a unit. The seller was CBRE Global Investors.
NexPoint also purchased 190-unit Stone Creek at Old Farm Apartments, 8585 Woodway Drive from Greystar for $23.3 million or $123,000 a unit.
The two apartment complexes are situated on 35.1 acres north of Westheimer, near Dunvale Road and west of Voss. The deal closed on Dec. 29.
This is the REIT’s first acquisition in Houston since November 2014. The deal brings NXRT’s total portfolio to 39 properties consisting of 12,965 units in 10 markets.
Jan. 4, 2017 Realty News Report Copyright 2017