Investors Show Interest in Houston Multifamily Assets
- Apr 09, 2012
The Oaks at Cypress Station apartment complex recently changed hands for a reported $11 million. The deal was brokered by Edward Nwokedi, senior director for Cushman & Wakefield Inc., with Lance Edwards of First Cornerstone Group negotiating the bid process on behalf of the buyer, Vancouver-based The Duperron Group.
Located at 1000 Cypress Station Drive in the Medical Centre of Houston, the property is within close proximity to many hospitals, as well as the new Exxon Mobil campus, slated for opening in 2015. The gated community spreads across 12 acres and consists of 294 units, including one-, two- and three-bedroom apartments; on-site amenities include three swimming pools, a clubhouse, an exercise facility and three laundry mats.
Philadelphia-based Resource Real Estate Opportunity REIT Inc. is also showing interest in the Houston multifamily industry, as the company recently placed an $11.4 million contract on the 856-unit Bristol Apartments in southeast Houston. The REIT plans to fund the acquisition with proceeds from its ongoing IPO and has already sealed the deal with seller Tritex Real Estate Advisors II Inc. with $500,000, Citybizlist.com reported.
The 32-acre property, set at 1221 Redford St., offers a mix of one-, two- and three-bedroom units with rents ranging from $399 to $729 per month.
According to the same publication, Resource Real Estate Opportunity REIT has also bought a non-performing note at discount, secured by a first-priority mortgage on Deerfield Luxury Townhomes, a 166-unit project in Hermantown, Minn.; the REIT got the note, which had a $19.75 million balance, for $10.3 million from U.S. Bank.
Photo Credits: The Oaks at Cypress Station official website