HOUSTON – (Realty News Report) – Thirty Seventh Parallel firm of Richmond, Va. has acquired the 300-unit Cashel Springs Apartments, its tenth acquisition in Houston.
Cashel Springs Apartments, 1422 Wunderlich Drive near Willowbrook Mall in northwest Houston, were built in the 1980s.
The price represented a 45 percent discount to replacement cost, said Dan Chamberlain, COO of the company.
The acquisition was funded with a blend of 1031 Exchange equity and new investor capital. The investment will benefit from long term, fixed-rate agency debt financing, arranged by Cutt Ableson of Berkadia Commercial Mortgage.
Oct. 7, 2019 Realty News Report Copyright 2019
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