TODAY’S DEALS: Transwestern Completes 272-Unit Houston Sale
Transwestern closes a Houston sale in 14 days; NorthMarq funds $16.6 million for an acquisition in Oregon; and Lee & Associates transacts a 41-property investment sale in California.
Houston—Transwestern’s headquarters office in Houston has completed the sale of Williamstown Apartments. The 272-unit apartment community is located at 9200 Bissonnet St., and was acquired for an undisclosed amount by a local private client. Transwestern represented the seller, Optimum Williamstown, in the transaction, which closed in a quick 14 days.
“We continue to see strong interest in the Houston multifamily market from local, national and international investors as Houston becomes widely recognized as a gateway city poised for continued growth in 2014,” says Transwestern’s Ed Cummins, senior vice president of multifamily services. “This deal was unique because the seller contacted us on Nov. 4 wanting to close and fund the deal by year-end. We immediately hit the market and closed the transaction in all cash on Dec. 9.”
NorthMarq funds $16.6M for Oregon acquisition
Beaverton, Ore.—NorthMarq’s Phoenix regional office has provided acquisition financing of $16.6 million for Clocktower Apartments, a 195-unit community located at 11600 SW 147th Terrace in Beaverton, Ore. The deal was funded for the borrower through NorthMarq’s FHLMC seller/servicer platform.
Luke Donohue, senior vice president/senior director, and John Kinser, vice president, arranged the transaction.
“NorthMarq financed the adjacent property with Freddie Mac 12 months earlier,” Kinser says. “To accommodate the joining of the two properties, NorthMarq and Freddie Mac worked with the borrower to allow the joint operation and branding of both properties.”
Lee & Associates transacts 41-property investment sale
Los Angeles—Berzack Investment Property Advisors of Lee & Associates-LA North/Ventura transacted the sale of a portfolio of 41 rental properties totaling 74 units for just under $12 million.
Warren Berzack, founder and president of Berzack Investment Property Advisors and a Lee & Associates principal, represented the buyer, Turnstone Holding I LP, in a competition that drew about a half dozen interested buyers.
“We met with the seller earlier this year when they were just beginning to explore a potential sale,” Berzack says. “Our previous relationship coupled with the buyer’s all-cash offer and reputation for delivering on their purchase agreements gave us a competitive advantage against the other bidders.”
The single and multifamily homes included in the portfolio are predominantly located in South Los Angeles with some in Los Angeles, South Bay, Long Beach and the San Fernando Valley.
Turnstone, a Los Angeles-based real estate development company, is focused on the acquisition, rehabilitation, and disposition or rental of single and multifamily homes in Los Angeles County and Texas.
The seller, Tangible Properties, is a private investment firm that had acquired the portfolio over the course of about 40 years. The company was represented by Todd Drew Weaver at Synergy Commercial Real Estate Inc.