Miami apartment investor sells two Houston properties for $60 million
Miami-based One Real Estate Investment has sold two large apartment complexes totaling 882 units in the Houston area to S2 Capital for more than $60 million, the company reported.
The properties consist of Avalon at Royal Oaks, a 436-unit complex at 2310 Crescent Park Drive near Westheimer and Kirkwood in west Houston, and the Village at Uvalde, a 446-unit complex at 250 Uvalde Road in east Houston. Each complex contains 41 buildings.
One Real Estate Investment previously reported it paid $50.5 million for both properties. The company announced the purchase of Avalon at Royal Oaks for $30 million in Sept. 2016, and Village at Uvalde for $20.3 million in May 2016.
Chairman and CEO Jeronimo Hirschfeld said the sales price reflects several million spent in remodeling each of the properties, including the units and common areas. The company, which owns 5,500 units in the Houston and Miami areas, still has Houston on the radar for future investments.
"One Real Estate continues to be committed to the Houston market," Hirschfeld said.
The deals were brokered by ARA, A Newmark Co.