Under new ownership are the Carlisle Apartments, a 129-unit apartment complex at 9898 Forum Park Dr. and Park Westwood Apartments, a 126-unit complex at 9501 Sam Houston Parkway. The unidentified investors have secured a 10-year, non-recourse permanent loan coupled with a 30-year amortization at a 7.39% fixed-interest rate. Wexford Capital Partners is providing about $2.9 million in equity financing.
The apartments are both class-B properties. The Carlisle Apartments had been built in 1980 while Park Westwood is a 1981 development. The complexes feature one- and two- bedroom units. Both are more than 95% occupied. A Wexford source tells GlobeSt.com that the last seller has owned the sister properties since 1994 and did complete some capital improvements.
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