Two-property apartment portfolio trades hands in Southwest Houston
Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of the Southwest Two Pack, a 412-unit, two-property multifamily portfolio.
“The buyer pool for apartment assets in Houston is growing and competition is intensifying,” says Jennifer Campbell, a director with Marcus & Millichap’s Institutional Property Advisors (IPA) division. “Suburban multifamily properties, assets built within the last five years, and apartments with upside potential receive the most attention in Houston from investors. These two properties were held long-term by the previous owner and we generated multiple competitive offers.”
Campbell and Will Balthrope, IPA executive director, represented the local seller and procured the Florida-based buyer, One Real Estate Investment LLC. The properties are Airport Gardens, a 172-unit asset constructed in 1982 and Airport Landing a 240-unit community constructed in 1983.
About Marcus & Millichap
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed nearly 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.
See origin of the news: https://mhpmag.com/2018/06/two-property-apartment-portfolio-trades-hands-in-southwest-houston/