Houston Apartment Portfolio Attracts Competitive Offers

Florida-based One Real Estate Investment has purchased Houston Southwest Two Pack, which comprises Airport Gardens and Airport Landing, totaling 412 units.
Airport Gardens, Houston
Airport Gardens, Houston

Marcus & Millichap has brokered the sale of Southwest Two Pack, a multifamily portfolio totaling 412 units. According to Yardi Matrix data, L&L Management sold the two-property asset to Florida-based One Real Estate Investment for an undisclosed sum.

Both assets of the portfolio are situated in Southwest Houston, within walking distance of one another and a 25-minute drive from downtown. Located at 7700 West Airport Blvd., the 1982-built Airport Gardens has 172 units in 13 buildings. The sale of the asset was subject to a $7.9 million loan held by Green Bank. At the time of the transaction, Airport Gardens was 95.9 percent occupied.

The 1983-built Airport Landing is located at 12211 Fondren Road. It has 240 units in 17 buildings, of which 92.9 percent were occupied at the time of the deal. The sale was subject to a $10.9 million loan, also held by Green Bank. Both properties have one- and two-bedroom units. Common-area amenities include a swimming pool and laundry facilities.

Suburban strategy

Director Jennifer Campbell and Executive Director Will Balthrope of Marcus & Millichap’s Institutional Property Advisors division have brokered the transaction. Recently, they have also facilitated the $317 million sale of a 3,699-unit Texas portfolio.

“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,” said Campbell, in a prepared statement.

Image courtesy of Yardi Matrix