• OREI

Miami investor picks up east Houston apartment property

After cashing out on a portion of its Houston portfolio, a Miami-based investor has made good on its promise to buy more.

One Real Estate Investment announced the purchased the Village at Uvalde, a 446-unit apartment property in east Houston, for $20.3 million.

The complex spans 41 buildings on 21 acres at 250 Uvalde.

The seller was West Second Street Associates based in Flint, Mich. ARA Newmark brokered the deal.

"The Houston market is vibrant and dynamic, and remains very attractive to us. Our plans are to remain in the area as we look for future investment opportunities," Jeronimo Hirschfeld, developer and CEO of Hirschfeld, said in an announcement.

Stuart T. Kapp of Proskauer Rose assisted with the transaction.

The deal follows the sale of four buildings totaling 984 units for nearly $50 million. The properties included: The Forest Apartments, Kirkwood Landing, Valencia at Spring Branch, and Pine Creek, 470 Maxey Road.

See origin of the news:

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