Transwestern’s Houston Group Completes Sale of Pindo Pointe
- Sep 29, 2017
Transwestern’s Houston Multifamily Investment Services Group has completed the sale of the Pindo Pointe multifamily property in Beaumont, Texas. Located at 7390 Pindo Circle in Beaumonth, Pindo Pointe is a 164-unit apartment community.
Transwestern managing director Ed Cummins and vice president Ryan Mendez represented the seller, Parkdale Pindo L.P.
Winslow Asset Management LLC purchased the building.
Why did the seller feel this was an opportune time to sell Pindo Pointe? “The property’s turnaround and renovations were complete, and it was stabilized,” Transwestern senior vice president Ed Cummins told MHN.
Asked what kind of return it calculated it could obtain, Cummins responded that Transwestern calculated a return approaching a 7 percent cap rate. “We received 10 offers and three in the best and final phase,” Cummins added.
Transwestern executive managing directors Jan Sparks and Michael Snodgrass arranged the financing.
Newly remodeled units
The community features upgraded one-, two- and three-bedroom apartment floor plans, ideal for family or individual needs. Apartments range in size from 632 to 1,072 square feet, and rent for monthly rates of $550 to $950.
Pindo Pointe features newly remodeled units, a swimming pool, recent exterior improvements in painting, lighting, pool and fencing, newly remodeled information center, remodeled laundry rooms, covered parking, picnic areas and large community courtyards, on-site management and 24-hour maintenance.
“This asset was fully renovated, stabilized and purchased for cash flow by a first-time buyer,” Cummins said. “The property fortunately did not sustain any damage from Hurricane Harvey and is positioned to perform well over the near and long term.