Miami investor cashes in on $50 million in apartment sales
According to One Real Estate Investment. The sales price works out to $50,711 per unit.
The company previously announced the completion of a program to rebuild and improve several of the properties, boosting occupancy in the process.
"We are committed to remaining in the Houston real estate market and look forward to expanding our footprint," Jeronimo Hirschfeld, chairman and CEO, said in an announcement.
"Currently we are in negotiations to acquire new properties and are exploring other favorable opportunities. This particular opportunity was just too good to resist."
The properties were bought in 2013 in partnership with Miami-based Ytech International. The purchase price, which included the four properties and the 328-unit Sunset Crossing at 10630 Beechnut, was $35 million, according to an announcement by Ytech International at the time. Each of the partners owned 50 percent.
Stuart T. Kapp, a partner at Proskauer Rose, assisted with the transactions.
The buyer, FCA Group Holdings, is an international investment company with offices in Miami, Panama and New York.
Another Florida-based investor, Robbins/Elco Management, has been beefing up its Houston portfolio. See story here on its recent acquisitions and an update on Class B apartment investments.