HOUSTON – (Realty News Report) – CBRE has arranged the sale of a 10-property workforce housing portfolio owned by Atlanta-based The RADCO Cos.
Brookfield, Wisconsin-based MLG Capital acquired the 10 multifamily complexes, comprising a total of 2,769 units in Texas and Oklahoma.
Shea Campbell, Colleen Hendrix and Ashish Cholia of CBRE represented the seller. They partnered with CBRE’s Clint Duncan and Matt Phillips in Houston and CBRE’s Brian Donahue in Oklahoma.
The apartment complexes, which are clustered in Houston, Oklahoma City and Tulsa, were built in the 1970s and 1980s. The Houston properties include:
2475 Gray Falls Drive, Houston, TX
1015 Country Place Drive, Houston, TX
12811 Greenwood Forest Drive, Houston, TX
905 Cypress Station, Houston, TX
“With shrinking supply and growing demand, moderate income apartments deliver some of the best fundamentals in real estate,” said Shea Campbell, Executive Vice President with CBRE. “This was a chance to secure a critical mass of workforce units, at a time of exploding demand.”
For MLG, the portfolio represented an opportunity to acquire 10 class-B multifamily properties in three fast-growing Southwest metros, said Ryan Mueller, Vice President of Acquisitions at MLG Capital.
Jan. 22, 2020 Realty News Report Copyright 2020
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